China's oil appetite remains strong

July 15, 2013 at 8:36 AM

HOUSTON, July 15 (UPI) -- Chinese oil demand increased in June despite a slowdown in the growth of its national economy, market analysis from Monday indicates.

The Platts news service reports China's apparent oil demand, or production plus net imports, increased 11 percent in June to 9.9 million barrels per day year-on-year. That's the highest rate of monthly growth reported since February 2011.

The Organization of Petroleum Exporting Countries said in its July monthly market report the global demand for oil in 2014 was projected to grow at a higher rate than this year. The 12-member cartel said much of the gain may be from improvements in the global economy.

OPEC cautioned, however, the 2014 demand forecast was subject to uncertainties because of the pace of economic recovery in the United States, the European Union and China.

"Oil demand growth in China has been revised down by 21,000 barrels per day, due to reduced gas [and] oil demand growth in recent months and a moderating economic outlook due to credit and banking concerns," OPEC said last week.

China's economic growth for 2013 was expected to slow down before recovering again in 2014.

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