BEIJING: China's implied oil demand in February rebounded to a record high rate last seen in December after a dip in January, official data showed on Saturday, as refineries continued with fairly hefty runs while net imports of oil products surged from a month earlier.
Implied demand, the combination of crude oil throughput and net fuel imports, rose about 2 percent from a year earlier to 9.71 million barrels per day (bpd) last month, the same as in December, according to Reuters calculations based on preliminary government data.
The calculation does not include changes in inventories, figures which China rarely publishes.
The second largest oil importer's overseas purchases jumped 18.5 percent from a year earlier to a record high rate of about 5.95 million bpd in February, government data showed.
It must have added more crude to either commercial or strategic oil reserves last month, as crude supplies net crude imports plus domestic crude output outstripped refinery throughput by some 670,000 bpd, the highest level in more than a year.
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