China’s oil demand rise won’t tighten global supply
China’s apparent oil demand rose by 12.8% in March this year, following the expansion of refining capacity and rapid growth in the Chinese economy, but this does not indicate that global supply will tighten, say analysts.
"There is a shift in the mix between crude oil and products in the apparent Chinese demand measure," says Harry Tchilinguirian, head of BNP Paribas Commodity Derivatives research and senior oil analyst at BNP Paribas. "China is moving from a position as a net importer of products to becoming a net exporter."
According to official data analysis by energy information company Platts, apparent oil demand rose to 8.12 million barrels per day (b/d) year-on-year, which has added to the seventh
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