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China's May oil product consumption rises 8% on year: NDRC

Singapore — China's oil product consumption rose 8% year on year in May to 29.73 million mt, latest data on the National Development and Reform Commission website showed.

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The volume also rebounded 9.9% from 27.06 million mt in April, according to S&P Global Platts calculations based on NDRC's historical data.

The increase was led by gasoline consumption, which jumped 13% year on year, while gasoil consumption rose 4.6% over the same period, NDRC data showed. NDRC didn't provide a breakdown of volumes for each of the products.

The country processed 50.02 million mt of crude oil in May, up 0.9% year on year, while its oil product output edged up 1.1% year on year to 31.33 million mt, NDRC data showed.

Compared to April, China's crude throughput edged down 0.3% in May, while its oil product output inched up 0.7%, Platts calculations based on NDRC's historical data showed.

Meanwhile, China produced 16.17 million mt of crude in May, up 1.1% year on year and 3% month on month, the data showed.

Over January-May, China consumed 133.66 million mt of oil products, up 1.4% year on year, with gasoline consumption rising 5.4% and gasoil falling 3%, NDRC data showed.

China's oil product output was 156.06 million mt in the first five months of 2019, up 2.2% year on year, NDRC data showed.

The country's crude output totaled 79.06 million mt over January-May, up 0.9% year on year, while its crude throughput was 248.41 million mt, up 1.5% over the same period, NDRC said.

NDRC normally releases key data on crude production and throughput, oil product output and consumption on a monthly basis, without providing explanations for the changes.

Platts calculates the data for the prior year based on the percentage changes provided by the NDRC.

--Staff, newsdesk@spglobal.com

--Edited by Geetha Narayanasamy, geetha.narayanasamy@spglobal.com