Oil usage in H2 set to rise on economy | Shanghai Daily

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Oil usage in H2 set to rise on economy

CHINA'S oil consumption declined in the first half this year as the country's economy slowed, but it would pick up in the second half, an industry group said yesterday.

According to the China Petroleum and Chemical Industry Association, the country's apparent consumption of crude oil fell 2.9 percent year on year to 190 million tons.

The decline was 4.2 percentage points lower than that of the first quarter, said Zhu Fang, deputy director of the CPCIA's information and marketing department.

Apparent consumption represents the sum of net imports and output, and can be used to estimate real consumption, excluding inventory.

The apparent consumption of oil products, including gasoline, diesel and kerosene, dipped 2.6 percent to 103 million tons in the first half from last year's level, from a 6.5-percent annual fall in the first quarter.

The decline in oil use was due to China's weakening real economy, but as it bottomed out, oil consumption would rebound in the second half, Zhu said.





 

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