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China’s oil demand at lowest of 3 years in 2016

by ChemOrbis Editorial Team -
  • 08/02/2017 (15:14)
According to Reuters, China’s oil demand dropped to its lowest level in three years in 2016 due to a drop in diesel consumption driven by the impact of floods in the country in the second quarter and the decreasing demand from the logistic sector.

The report revealed that the country’s oil demand growth declined to 2.5% in 2016 from 3.1% and 3.8% in 2015 and 2014 respectively.

The slowdown in oil demand growth was also attributed to the slower growth in the economy by 6.7% in 2016, which is the slowest of 26 years, and it is expected to gain speed again in 2017 as the mining industry has revived and increased the consumption for trucks and diggers.
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