China’s Nov oil product consumption rises 7% on year to 27.55 mil mt: NDRC
China’s consumption of oil products rose 7.4% year on year to 27.55 million mt in November, latest data released by the National Development and Reform Commission showed.
The growth was mainly contributed by gasoline and gasoil consumption, which rose 8.5% and 6.7% year on year, respectively, NDRC said, without providing a breakdown of volumes for the two grades.
China’s November online shopping festival is expected to boost demand for transportation in the month, which would lend support to gasoil demand, market sources said.
China processed 48.50 million mt of crude oil in November, up 0.4% year on year, NDRC data showed.
The country’s oil product output rose 1.6% over the same period to 30.53 million mt, according to NDRC.
China produced 15.63 million mt of crude oil in November, down 0.7% year on year, NDRC data showed.
Over January-November, China’s oil product consumption was up 5.5% year on year at 297.52 million mt, with consumption of gasoline rising 7.1% and gasoil rising 3.4%, NDRC said, without providing a breakdown of volumes.
The oil product consumption growth in the first 11 months was slower than the 6.7% year-on-year increase seen in the same period of last year, NDRC’s historical data showed.
Over January-November, China processed 538.93 million mt of crude, up 4.9% year on year, while its oil product output rose 6.5% to 336.88 million mt, NDRC data showed.
The growth of oil product consumption was still lower than that of oil product output in the 11-month period, which implies more oil products were exported this year, market sources said.
Over January-November, Chinese gasoline exports rose 24.4% on year to 11.6 million mt, while gasoil exports rose 11.2% over the same period to 16.96 million mt, General Administration of Customs data showed.
In the gas segment, China’s consumption of natural gas rose 20.3% year on year to 26.2 Bcm in November, NDRC said.
China produced 13.9 Bcm and imported 12.4 Bcm of natural gas in November, up 10.6% and 32.1% year on year, respectively.
Over January-November, China’s natural gas consumption was 251 Bcm, up 18.2% year on year, while production rose 6.9% to 143 Bcm and imports jumped 35.9% to 111 Bcm, NDRC data showed.
NDRC releases key data on output in the oil and gas industry on a monthly basis, but does not provide explanations for the changes.
Platts calculates the data for the prior year based on the percentage changes provided by the NDRC.