A ship offloads oil at an offshore oil dock in Southern China's Guangdong. Resource security, especially energy, has become a top priority for China and a potential threat to the United States as both countries compete for resources globally. UPI/Stephen Shaver | License Photo
BEIJING, Dec. 24 (UPI) -- Efforts by the Chinese government to encourage sustainable growth have led to an increase in oil demand, government data released Wednesday show.
Analysis of government data from Platts found Chinese apparent oil demand, a reflection of how much oil goes into domestic refineries combined with net oil product imports, increased in November by 3.5 percent to an average 10.31 million barrels per day.
The report found demand driven largely by Chinese government efforts to keep the economy growing at a steady pace.
Platts senior writer for China, Song Yen Ling, said Chinese refiners were issuing more requests to the government for oil products. "This was mostly to accommodate additional jet fuel exports because of robust production growth."
Last week, the Chinese National Bureau of Statistics said it estimated the economy was 3.4 percent larger last year than previously estimated, adding about $9.6 trillion to the world's second-largest economy.
The rise comes amid word that major central banks are taking action to keep economic momentum moving forward. U.S. banks scored a win when the Federal Reserve decided to let banks hold cash from private-equity and hedge-fund investments, while Russian bankers increased a key interest rate to erase the steady decline in the value of the ruble.
Chinese President Xi Jinping said the Chinese economy was entering a "new normal" where qualitative growth is favored over quantitative growth.
China in the 35-year period ending in 2013 posted double-digit growth. It's slowed since to around 7.5 percent in recent years.