As per the recent reports from SZMEX, China’s oil demand edged up by 1% to 11 million barrels per day. The statistics accumulated is from the same month of previous year.
(1888PressRelease) March 27, 2019 - Shenzhen Mercantile Exchange (SZMEX), a regulated, efficient, transparent and all-inclusive internationalized futures exchange, with a five-year goal to establish itself as a leading exchange in Asia Pacific time zone with significant global influences on commodity futures, option and other derivatives, is pleased to announce the findings of it latest report on China’s Oil Demand.
What the report says and the National Bureau of Statistics (NBS) China reports, the refinery throughput averaged 10.84 barrels per day. The data was surprising as it was up by 6% on a yearly basis and up by 4% as compared to February. It was found out that the refinery runs in March continued growing from February given that the oil demand in China tend to climb in the second quarter every year.
As per the data accumulated by General Administration of Customs, recently China became one of the leading exporters of key oil products first time in history. The country exported around 4000 barrels per day. And the total exports made were 850,000 barrels per day, climbing 50% on a yearly basis. It overshadowed the total imports of 844,000 barrels per day that fell 18% on a yearly basis.
After subtracting the net exports from the refinery runs, the current oil demand was around 11 million barrels per day which was 1% higher than the previous year’s demand.
However, some refinery output is probably not captured by the government data and it is reported that the refinery runs were higher than the provided data by National Bureau of Statistics. SZMEX’s Oil Analytics predicts that China’s refinery runs were 11.12 barrels per day. It means that the perceptible demand possibly averaged 11 barrels per day. That is, 1.6% higher than last year of the same month.
About SZMEX (Shenzhen Mercantile Exchange)
Planned under germane rules and regulations Shenzhen Mercantile Exchange (SZMEX) is a self-regulated entity that is under the uniform regulation of the Chinese trading authorities. The Exchange earnestly accomplishes its functions as a front-line regulator, in a bid to create a safe, orderly and a highly efficient market mechanism as well as a market environment featuring openness, fairness and transparency. The Exchange is an efficient, transparent and all-inclusive internationalized futures exchange, with a five-year goal to establish itself as a leading exchange in Asia Pacific time zone with significant global influences on commodity futures, option and other derivatives.
As per the recent reports from SZMEX, China’s oil demand edged up by 1% to 11 million barrels per day. The statistics accumulated is from the same month of previous year. 
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