Oil has been in the headlines for all of the wrong reasons in recent weeks as a combination of dynamics, including reduced global demand, has seen the price per barrel of Brent Crude plummet.
China appears to be bucking the demand trend, however, according to a new report from Platts. Oil demand in the country hit a historic high of 10.63 million barrels per day (b/d) in December, with overall demand in 2014 also increasing 3%.
China’s apparent oil demand in December rose 5.3% year-over-year, hitting the highest absolute demand on record according to a just-released Platts analysis of Chinese government data. China’s apparent oil demand in 2014 rose 3% from a year before to an average of 10.1 million b/d, which was higher than the 2% year-over-year growth seen in 2013.
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