BEIJING, Oct. 27 (UPI) -- Despite an economic slowdown, Chinese government data show oil demand is at one of the highest levels in nearly a decade.
The Organization of Petroleum Exporting Countries said in its October report the global economy should grow by 0.6 percent next year to 3.6 percent. The Chinese and Indian economies should remain flat, while Europe continues to falter.
Though treading water, analysis from Platts found found Chinese apparent oil demand, a reflection of how much oil goes into domestic refineries combined with net oil product imports, averaged 10.35 barrels per day in September, up 7.4 percent year-on-year.
September's average is up more than 6 percent from the previous month, which was the highest level reported for the year.
Platts attributed the rise to a shift in Chinese economic policies and to the end of routine maintenance at some of its refineries.
Chinese economist Xiang Songzuo said last week gross domestic product expanded 7.3 percent during the third quarter. While slowing, he said the GDP movement was a sign the Chinese economy was shifting away from acceleration to long-term quality.
China is one of the largest oil consumers in the world.
