China's apparent oil demand in February rose 10.1% year over year to 36.65 million metric tons (mt), or an average 9.58 million b/d, according to Platts' analysis of Chinese government data. This is the second strongest demand level on record, occurring two months after hitting an all-time high.This comes before the Japanese nuclear disaster.
Oil demand in February was 4.2% higher than January's 9.19 million b/d, and just a tad lower than the all-time high reached in December of 9.62 million b/d. The rebound in oil demand, after a dip in January, was attributed to increased crude throughput by several refineries ahead of scheduled turnarounds and higher production by other plants coming back from planned maintenance.
For comparison, according to Wikipedia:
- US oil consumption is approximately 21 million bbls per day. Domestic production is only 6 million bbls per day.
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