BAKU, Azerbaijan, November 20. China's observable demand increased by 200,000 b/d month-on-month in September, driven by elevated net product imports and slightly higher refinery crude runs, the International Energy Agency said, Trend reports.
According to the agency's projections, China's total consumption of 17.1 mb/d showed year-on-year growth of 1.9 mb/d, marking another record high (the fifth this year and the fourth consecutively, following previous records in March, June, July, and August).
Anticipated total oil use is set to average 16.4 mb/d in 2023, the IEA said, representing a rise of 1.8 mb/d, before growth moderates to 640,000 b/d in 2024.
Furthermore, apart from baselines returning to normal after the release of pent-up demand in 2023, surging electric vehicle sales, and a slowdown in GDP growth, are expected to exert downward pressure on consumption for most products, the agency noted, adding that the exception lies in petrochemical feedstocks, solidifying their role as China's primary engine of demand growth.
Meanwhile, the total oil demand in the non-OECD is expected to stand at 2.3 mb/d in 2023, and at 1.3 mb/d in 2024, which will be mostly driven by Chinese demand.