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Commodities Briefing - Categorized | Market Moves, Oil more

IEA to improve Chinese oil demand stats

Posted on 15 February 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………………………………………..Full Article: Source


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