China Oil Demand Hits Highest In 17 Months

July 17, 2014

China's implied oil demand rose in June to its highest level since January 2013 as crude runs hit a record high, although there were still doubts that the numbers reflected a healthy economy.

Analysts remain cautious about the broad economic outlook in the world's second largest oil consumer, noting that faster-than-expected growth in the second quarter was driven more by government support than by genuine momentum.

China consumed roughly 10.2 million barrels per day (bpd) of oil last month, according to Reuters calculations based on preliminary government data, the highest level in 17 months and up 8.4 percent from May.

Copyright, Reuters, 2014.