Energy

China oil demand up on double-digit growth

(Agencies)
Updated: 2010-04-21 09:47
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HONG KONG: China's demand for oil rose 12.8 percent in March as the Chinese economy returned to rapid growth and refining capacity expanded, according to a report Tuesday.

Apparent oil demand rose to 8.12 million barrels per day over the year ago March according to an analysis of official data by Platts, the energy information arm of McGraw-Hill Cos.

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It was the seventh month in a row of double-digit increase in demand for China. But it was short of the all-time high in February of 8.5 million barrels per day.

Platts said the increase was helped by new refining capacity at State-owned companies like Sinopec, PetroChina and China National Offshore Oil Corp.

Also driving demand was the resurgence of the Chinese economy, which posted gross domestic product growth of 11.9 percent in the first quarter. Industrial production and gasoline demand were also up during that time.
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