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Page added on August 24, 2010

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Rigzone: China Apparent Oil Demand Slows in July

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Rigzone

China’s “apparent oil demand” (production plus net imports) slowed in July, declining from June’s record high of 36.74 million metric tons (mt) to 35.82 million mt or approximately 8.47 million b/d, according to Platts’ analysis of official data from the People’s Republic of China.

July demand is down 5.6 percent from June and is up only 2.7 percent from a year ago, a sharp drop off from the double-digit year-on-year gain reported for the prior month, Platts reports.

“The sharp drop in China’s oil demand growth in July is a clear indication that Beijing’s tightening policies are taking effect,” said Mriganka Jaipuriyar, senior editor for Platts in Singapore. “With both industrial production and asset investment dropping in the month, it is not surprising that oil demand has slowed down too. Looking ahead, whether we actually see negative oil demand growth will depend on whether China decides to pursue its tighter policies or reverses them.”

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One Comment on "Rigzone: China Apparent Oil Demand Slows in July"

  1. KenZ300 on Tue, 24th Aug 2010 10:02 pm 

    Recently announced in China:

    An alliance of 16 state-owned companies will invest $15 billion to develop electric vehicles.

    The goal is to put 500,000 EVs on the road in the next 3 years.

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