CHINA REDUCED DEMAND
China's apparent oil demand in February contracted 1% year over year to 40.7 million metric tons (mt), or an average 10.66 million barrels per day (b/d), according to a just-released Platts analysis of Chinese government data.
Despite the contraction, this was the second-highest monthly volume on record. Following government revisions to year-ago data, China's apparent oil demand in February 2014 was adjusted to an average 10.76 million b/d – the record high volume.
Apparent oil demand in February this year increased 4.3% from January's average of 10.22 million b/d.
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