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China's oil demand declines

China's economy still outpacing the rest of the world.

By Daniel J. Graeber

HOUSTON, June 27 (UPI) -- Chinese oil demand declined slightly last month reflecting a general slowdown in the Chinese economy, an analysis of government data shows.

Energy reporting agency Platts released a report Friday on China's apparent oil demand, which is based on inputs at domestic refineries and net imports.

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It said apparent oil demand for May declined 0.7 percent year-on-year for an average 9.4 million barrels per day.

Platts reported apparent oil demand in May was the lowest level in nine months and a 3.2 percent decline from April, "reflecting China's underlying damped economic performance."

The Organization of Petroleum Exporting Countries said in its market report for June the Chinese economy is expected to grow by 7.5 percent, more than twice the rate at which the global economy is expected to grow in 2014.

The World Bank reported China's gross domestic product grew by 10.4 percent in 2010.

While slowing, Asian economies continue to outpace the rest of the world. Analysis from Wood Mackenize finds Asia will become the top destinations for oil, natural gas and coal exports.

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