Reuters: China's Implied Oil Demand Increases 1.5% YoY in October

Reuters reported on November 10th in Beijing that China’s implied oil demand in October increased by 1.5% from the same period of last year, which is one of the least increases in China’s implied oil demand this year. However, as oil companies increased fuel imports to compensate for the reduction in refinery production, China’s implied increase in oil demand in October was slightly faster than in September.

Reuters calculated according to preliminary trade and production data that the world’s second-largest oil consuming country, China, consumed 9.04 million barrels of oil per day in October, an increase of 130,000 barrels per day from the same period last year.

Reuters will publish detailed figures for China's implied oil demand calculated later this month based on a set of final trade data to be published by China Customs.

Implied oil demand refers to the output of Chinese refineries plus net imports of refined fuel, but does not include changes in the inventory that the Chinese government rarely publishes.