Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
. 24/7 Space News .




ENERGY TECH
IEA to improve Chinese oil demand stats
by Staff Writers
Paris (UPI) Feb 14, 2013


The International Energy Agency says it will change its method of calculating China's oil demand.

Previously, IEA calculated apparent demand as the sum of Chinese refinery output and net product imports but this measure didn't account for changes in product inventories for China, the world's second largest consumer of oil. The Chinese government doesn't publish actual consumption data.

Citing China's rapidly expanding refining capacity which can result in significant swings in inventory volumes, IEA, in its monthly report on the oil market released Wednesday said there is a need to account for changes in oil stocks held by Chinese companies.

"Whereas estimates of demand in (Organization for Economic Cooperation and Development) countries and many other economies stem from surveys and reports of actual product deliveries, in the case of China, 'demand' is really a balancing item -- in effect a function of estimated product supply," the report said.

To better reflect China's oil demand, the IEA will use reported stock changes in gasoline, gasoil and jet/kerosene published each month by the Xinhua-run China Oil, Gas and Petrochemical newsletter in its assessment, Platts news service reports.

The IEA says the new way method "smoothes out abnormal swings in apparent demand."

For example, China's apparent demand growth last November and December was at double digits, compared to an average of 2.9 percent earlier in the year.

But IEA's report states, "The ramp-up in Chinese apparent demand in late 2012 is thus partly misleading, in as much as it lumps together real consumption and a buildup in stocks, which has the potential to come undone later on thus causing an equally misleading downswing in apparent demand."

IEA also questioned whether the sharp increase in demand China experienced at the end of 2012 would continue.

"While higher Chinese refinery runs at that time may have responded to an actual increase in end-user demand, they may also have led to significant product inventory builds, potentially setting the stage for a slowdown or for an increase in product exports later on," the report said.

As for China's refining capacity, the IEA estimates that it rose by 300,000 barrels per day in the fourth quarter of 2012 and it projects an additional expansion of 300,000 barrels per day this year.

"In the last few months, Chinese companies have aggressively expanded their refining capacity, turning China into a budding product exporter -- a trend that is likely to continue," says the report.

.


Related Links
Powering The World in the 21st Century at Energy-Daily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





ENERGY TECH
New wave of unrest imperils Mideast energy
Algiers, Algeria (UPI) Feb 13, 2013
The consequences of the January takeover of an Algerian natural gas complex by Islamist militants could be far-reaching because it endangers supply, the International Energy Agency warns. "A new wave of political unrest in Africa is clouding the outlook of a growing number of producers," the IEA, the West's energy watchdog, in its latest monthly report. "Following the recent atta ... read more


ENERGY TECH
Building a lunar base with 3D printing

US, Europe team up for moon fly-by

Russia to Launch Lunar Mission in 2015

US, Europe team up for moon fly-by

ENERGY TECH
Rover Walkabout Continues at Cape York

Mars Rock Takes Unusual Form

In milestone, Mars rover collects first bedrock sample

How The World's Saltiest Pond Gets Its Salt; Implications For Water On Mars

ENERGY TECH
Supersonic skydiver even faster than thought

Ahmadinejad says ready to be Iran's first spaceman

Iran's Bio-Capsule Comes Back from Space

A Hero For Humankind: Yuri Gagarin's Spaceflight

ENERGY TECH
Reshuffle for Tiangong

China to launch 20 spacecrafts in 2013

Mr Xi in Space

China plans manned space launch in 2013: state media

ENERGY TECH
Progress docks with ISS

NASA to Send Inflatable Pod to International Space Station

ISS to get inflatable module

ESA workhorse to power NASA's Orion spacecraft

ENERGY TECH
Another Sea Launch Failure

ILS Concludes Yamal 402 Proton Launch Investigation

Ariane 5 delivers record payload off back-to-back launches this week

Eutelsat and Arianespace sign new multi-year multiple launch services agreement

ENERGY TECH
Earth-like planets are right next door

Direct Infrared Image Of An Arm In Disk Demonstrates Transition To Planet Formation

Kepler Data Suggest Earth-size Planets May Be Next Door

Earth-like planets may be closer than thought: study

ENERGY TECH
Indra Develops The First High-Resolution Passive Radar System

ORNL scientists solve mercury mystery

3D Printing on the Micrometer Scale

Nextdoor renovates before taking on the world




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement