China’s apparent oil demand climbed to its highest level in a year in August, according analysis of Chinese government data.

Analysis by Platts shows apparent oil demand in August was 41.2mt, or an average 9.74mbpd, a year-on-year increase of 3.7%.

”This growth came despite a slew of bearish economic data, including a decelerating industrial production growth rate of 6.9% – the he slowest pace since end-2008,” said Platts.

On a month-over-month basis, China’s apparent oil demand in August rose 1.4% from July. Over the first eight months of the year it is up just 1.2% at 9.9mbd.

“From a traditional net importer of oil products, China has turned into a net exporter four of eight months so far this year,” said Song Yen Ling, Platts senior writer for China.

“This reflects the underlying weakness in domestic gasoil demand, which constitutes the largest volume in the country’s overall oil consumption.”

Platts said gasoil apparent demand in August was down 1.1% year-on-year to just over 14mt. Exports increased 489% to 410,000t, while domestic production edged up just 1.3% to 14.45mt.

”Gasoline consumption continued to benefit from a booming vehicle population and growing car sales. Apparent demand for the fuel jumped 12% from a year earlier in August to 8.4mt,” said Platts.

Fuel oil apparent demand in China rebounded in August, registering a 34.3% increase year-on-year to 2.7mt.

Imports rose 23% to a four-month high of 1.45mt, while exports fell 34.5% to 780,000t. This resulted in net imports of 670,000t.

”Fuel oil in China has experienced a decline in structural demand because of waning consumption by China's independent ’teapot’ refineries in the wake of their move away from traditional cracking feedstock of imported fuel oil in favor of greater consumption of crude oil,” said Platts.