China's oil demand growth slows further in Q3 - NDRC

BEIJING/SHANGHAI Sat Oct 15, 2011 2:15pm IST

An employee fills a vehicle at a gas station in Hefei, Anhui province January 1, 2009. REUTERS/Jianan Yu/Files

An employee fills a vehicle at a gas station in Hefei, Anhui province January 1, 2009.

Credit: Reuters/Jianan Yu/Files

Related Topics

BEIJING/SHANGHAI (Reuters) - China's apparent oil demand growth slowed further in the third quarter, largely in line with economic growth in the world's second-largest economy amid domestic policy constraints and global uncertainties.

The National Development and Reform Commission said on Saturday that apparent oil consumption grew only 3.2 percent from a year earlier in the third quarter, down from the 5 percent rise in second quarter and 9.3 percent in the first quarter.

Consumption in the first three quarters increased 5.9 percent on year, compared with a rise of 7.2 percent in the first half and 10.2 percent in the first quarter, the commission's data showed.

The weakening momentum was also reflected in oil refining activity, with refiners processing 99.72 million tonnes of crude oil from July to September, up 1.2 percent from a year earlier, compared with gains of 3.3 percent on year from April to June and 9.4 percent on year from January to March.

Based on the commission's July and August crude throughput figures, it suggests daily refinery runs in September were the lowest this year.

The commission's data often does not tally with the National Bureau of Statistics, which is scheduled to publish September's refinery runs and other output data next week, even though the trends of their January-to-August refinery runs data looked similar.

The commission said refined oil products inventories fell to 11.48 million tonnes at the end of September from the record high of 15.61 million tonnes at the end of February.

That suggests refiners have drawn down stocks in past months when they cut refining and that the deceleration in oil demand growth might not be as high as the headline figures show.

Crude oil output in the third quarter declined 2.6 percent on year to 50.07 million tonnes, as offshore output was dragged down by oil field maintenance, typhoons in the South China Sea and the production halt of Penglai 19-3 oil field due to oil spills, the commission said.

Natural gas imports surged 89 percent from a year earlier to 22.5 billion cubic metres (bcm) in the first three quarters, of which 11.3 bcm was piped in from central Asia and 11.2 bcm was carried in the form of liquefied natural gas, according to the commission.

It did not provide imports for September alone.

Gas imports in the third quarter totalled 8.3 bcm, equivalent to about 27 percent of domestic consumption.

China's domestic natural gas production was 23.9 bcm in the third quarter, up 6.9 percent on year, the commission said.

(Editing by Nick Macfie)

FILED UNDER:

REUTERS SHOWCASE

WTO Trade Deal

WTO Trade Deal

WTO clinches first global trade deal in its history  Full Article 

Kashmir Attack

Kashmir Attack

Ten dead in Kashmir's worst militant attack in more than a year  Read 

OPEC Meeting

OPEC Meeting

Saudis block OPEC output cut, oil price sinks further.  Full Article 

GDP, RBI Preview

GDP, RBI Preview

GDP growth set to weaken, business wants reforms more than rate cut  Full Article | Related Story 

Social Media

Social Media

Twitter to start tracking users' mobile apps  Full Article 

Jaitley to Rajan

Jaitley to Rajan

Jaitley likely to meet Rajan on Monday to urge rate cut  Full Article 

Banking Sector

Banking Sector

India moves to allow more businesses to offer basic financial services.  Full Article 

Forever21 in India

Forever21 in India

Forever21 sets sights on Indian cities, but please hold the hot pants  Full Article 

Japan Economy

Japan Economy

Japan inflation slows in October, output and spending show signs of recovery  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage