BEIJING -- China's implied oil demand rose a modest 3 percent in September, the slowest growth since February, official customs data showed on Monday, as refinery throughput grew at a sluggish pace.
But September still posted a solid 3.2 percent growth over August at 6.76 million barrels per day (bpd) as calculated by Reuters, bolstered by sharp increases in imports of most refined fuels except liquefied petroleum gas (LPG).
(for China's oil demand table please click [ID:nPEK203643])
Imports of diesel doubled in September from a year earlier to help meet harvest demand, kerosene shipments hit record levels and fuel oil imports posted a strong 19.5 percent increase, Customs data showed.
Imports of LPG, used for heating and cooking in coastal regions, however, dropped 34 percent in September and down 14 percent in the first nine months, as high international prices enticed Chinese refineries to boost local production.
"With international prices sustainably high, domestic plants have been boosting LPG production," said an LPG importer based in the southern province of Guangdong, the country's largest consumer of the light fuel.
China produced 5 percent more LPG in the first nine months of the year at 12.76 million tonnes, official data showed earlier.
Refinery throughput grew by a slower 1.6 percent, year-on-year, in September at 6.1 million bpd, the National Bureau of Statistics has said.
Newly profitable light diesel imports climbed 99.2 percent from the same month of 2005, to 47,280 tonnes, the highest since January, data from the General Administration of Customs showed.
A fixed domestic price and falling Asian market have recently allowed Chinese buyers to turn a rare profit on diesel shipments.
Kerosene imports also surged 80.1 percent to a record high of 580,717 tonnes. The booming air travel business supported demand, as kerosene includes jet fuel for the aviation industry.
Production of the fuel has been minimised recently to allow firms to focus on diesel production.
Fuel oil imports for the same month climbed a more modest 19.5 percent from a year earlier to 2.66 million tonnes, but below summer levels after months of heavy buying sapped demand.
Gasoline exports were down 30.5 percent from a year earlier to 182,103 tonnes, the lowest since June, as domestic refinery throughput posted weak growth, boosting demand within China.
September crude oil imports climbed 24.0 percent to 13.46 million tonnes (3.28 million bpd), extending strong growth as the country began filling its strategic stockpiles.
For the first nine months of the year they rose a more modest 16.2 percent to 109.26 million tonnes.
PIN/REUTERS
News ID 91293
Your Comment