Oil, cars, China : a few stats to cool down the enthusiasm of “reduced demand” believers

A few quotes from an article from Xinhua regarding oil consumption in China.

The lovers of the “reduced demand will cool down inflation” theory should revise their enthusiasm…

-Soaring world prices don’t seem to have crimped China’s oil use, with statistics released on Thursday by an industry group indicating that first-half consumption of oil and refined oil products set records.

The China Petroleum and Chemical Industry Association (CPCIA) said that “apparent consumption” of refined products — gasoline, diesel and kerosene — rose 14.6 percent year-on-year to 106 million tonnes, while crude oil use rose 6.3 percent to 183.3 million tonnes.

“Apparent consumption” represents the sum of net imports and output, according to the group, and can be used as a proxy for real consumption excluding inventory.

Apparent consumption of gasoline rose 16.2 percent, that of diesel 14.7 percent and kerosene, 6.66 percent, according to the CPCIA.

-In the first half of the year, car sales in China increased 17 percent to 3.61 million units, after growing more than 20 percent annually since 2005. (Reuters)

3,61 millions of new cars (cars, not all types of vehicles) in six months… That’s a lot. A lot of metal, lot of gasoline, lot of everything.

It’s insane.

To give you an idea with Thailand on 6 months (from december to may 2008), sales of cars reached 334 000, a 3,3 % increase compare to the same period of previous year…

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