China's apparent oil demand rose a slim 0.5% year on year in June to 36.92 million mt, or an average of 9.01 million b/d, as a heavy maintenance program during the month curtailed consumption, according to Platts' analysis based on recent statistics released by the government.
The year-on-year increase of 0.5% was drastically slower than growth rates of between 8% and 15.8% recorded between January and May, and June's oil demand at 9.01 million b/d was just marginally higher than the previous low of 8.95 million b/d reached in October 2010.
China does not release official oil demand statistics. Platts calculates the country's oil demand based on official data on refiners' crude throughput and net oil product imports.
In June, Chinese refineries processed 35.56 million mt of crude oil, or an average of 8.69 million b/d, the lowest daily processing volume in nine months. In September 2010, the country had processed 34.91 million mt of crude oil, or an average of 8.53 million b/d.
Net product imports were 1.36 million mt, or an average of 0.32 million b/d, up from 930,000 mt in May as Chinese companies reduced exports to replenish domestic inventories.
