China's apparent oil demand in December rose 18% year over year to a record 40.73 million metric tons (mt), or an average 9.6 million b/d, with both crude throughput and net oil product imports rising, according to Platts' analysis of the latest official data.
Oil demand in December was also up 7% from November's 38.09 million mt, or 9.3 million b/d, the previous record high. For all of 2010, China's apparent oil demand rose 11.43% year over year to a record 434.40 million mt, or an average 8.71 million b/d, Platts' analysis showed.
South Korean companies plan to invest a record US $7.8 billion in overseas crude and natural gas development projects in 2011 to help raise the country's energy self-sufficiency level, a government survey showed Sunday.
The total represents a 29 percent increase from around $6 billion injected into this field last year, with the amount of money to be spent jumping 3.5-fold compared to 2007, the Ministry of Knowledge Economy said.
