OREANDA-NEWS. September 14, 2011. China's implied oil demand in August slipped to the lowest rate this year as plant maintenances and accidents cut into refinery production, but on a year-on-year basis expanded 7.8 per cent, Reuters calculations based on preliminary government data show.

Fuel consumption in the world's No. 2 consumer has been losing steam since May, with growth easing off the double-digit expansion seen since last year as a result of climbing crude costs that have squeezed refining margins and as Beijing's credit tightening moves cut into fuel spending.

But despite the easing growth, China would still make up some 46 per cent of the world's incremental oil demand this year, according to an estimate by the International Energy Agency last month.

Implied demand — crude throughput plus net imports of refined oil products — was about 8.94 million barrels per day, up 7.8 per cent from August 2010, but dipped to the lowest rate so far this year. The calculations do not include inventory changes that the Chinese government rarely publishes.