The IEA’s latest monthly oil market report, released 14 November (MEES, 17 November), revises up China’s 2023 demand by 50,000 b/d to 16.44mn b/d and 2024 by 90,000 b/d for 17.08mn b/d, both new records. The IEA has Chinese oil demand hitting a fourth straight monthly record of 17.1mn b/d for September, in line with official Chinese stats that show record refinery runs of 15.53mn b/d for the month.
Latest official stats show runs easing to 15.10mn b/d for October. Whilst this represents a 43,000 b/d fall from September, it nevertheless leaves the last three months as the three highest on record. Runs are up 11% year-on-year at 14.91mn b/d for 10M 2023, demand up 12% at 16.33mn b/d and crude imports up 14% at 11.41mn b/d (MEES, 10 November), with all three metrics on track to smash previous annual records. (CONTINUED - 321 WORDS)