OilPrice.com: China’s Oil Demand Is Set To Hit A Record High In 2023
China’s oil consumption is expected to jump by 800,000 barrels per day (bpd) this year to a record 16 million bpd, after Beijing abandoned the strict ‘zero Covid’ policy and re-opened its borders, a median estimate of 11 China-focused consultants polled by Bloomberg News showed.
Following the initial exit Covid wave after the strictest curbs were lifted, Chinese oil demand is set to rebound from the second quarter onwards, also raising global oil demand for this year, many analysts say.
Despite the fact that China’s crude oil imports in 2022 were slightly lower than the previous year, for a second consecutive year, crude imports in December rose by 4% annually for the third highest monthly purchases in 2022, data showed on Friday.
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Update: Chinese Oil Demand Seen Hitting Record on Covid Zero Pivot (Bloomberg)
WNU Editor: As energy consumers we have been incredibly lucky this winter. Covid has tempered Chinese demand for oil, and an unusually war winter in Europe has lowered energy consumption.
Will our luck hold for the rest of 2023? If China is any indication, the answer is unfortunately a no.
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