China's oil demand to grow 3.4% in 2013

China's oil demand is expected to grow 3.4 per cent year-on-year in 2013, said global investment bank, Deutsche Bank (DB).

It said although the growth would be modest compared to previous years, China would still be the biggest global oil demand country on a growth basis, which equal to 40 per cent.

China's oil demand grew at its slowest pace in 10 years in 2012.

However, DB predicted China's gross domestic product (GDP) growth would return to 8.5 per cent in the second half of 2013, boosted by corporate investment and accelerated exports.

"The improvement in economic growth prospects for next year indicates an improving oil demand picture in China, " Xinhua News Agency quoted DB as saying.

"China is expected to bring two new strategic petroleum reserve (SPR) sites online in Southwest China's Guizhou province, as well as another in Qingdao province in the east," it added.