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Chinese oil demand increasing

March 26, 2013 at 6:54 AM   |   Comments

HOUSTON, March 26 (UPI) -- Chinese oil demand during the first two months of the year increased more than 4 percent compared to the same time last year, analysis says.

Analysis from reporting agency Platts says demand for the first two months of 2013 averaged 10.35 million barrels per day, a 4.3 percent increase year-on-year.

PetroChina last week reported that crude oil output increased 3.4 percent year-on-year to 916.5 million barrels.

The Organization of Petroleum Exporting Countries in its monthly report for March stated that much of the growth in oil demand would come from China, other Asian economies and Latin America. Oil demand growth is set to increase 800,000 bpd this year, unchanged from its previous forecast.

The Organization for Economic Cooperation and Development said the Chinese government needs to do more to ensure a greener economy. The organization said it expects Chinese gross domestic production to grow 8.5 percent in 2013 and 8.9 percent next year.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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