Red Sea VDC

Main Menu

  • All-Equity Rate
  • Liquidation
  • OPEC
  • Requests for Proposal (RFP)
  • Cash

Red Sea VDC

Header Banner

Red Sea VDC

  • All-Equity Rate
  • Liquidation
  • OPEC
  • Requests for Proposal (RFP)
  • Cash
OPEC
Home›OPEC›Chinese oil demand expected to fall by 1.2 million barrels per day in April

Chinese oil demand expected to fall by 1.2 million barrels per day in April

By Loriann Hicks
April 22, 2022
0
0

Oil demand from the world’s largest crude oil importer, China, is expected to decline by 1.2 million barrels per day (bpd) in April from a year ago – the biggest hit to demand since the lockdowns from Wuhan at the start of the pandemic, Bloomberg reported on Friday, citing sources with insider knowledge of China’s energy industry.

Chinese demand for gasoline, diesel and jet fuel is expected to drop 20% this month from April 2021 consumption, Bloomberg sources say, as authorities continue to pursue a ‘zero COVID’ policy imposing strict lockdowns, including one that has lasted for weeks for 26 million residents of Shanghai’s financial hub.

Gasoline demand is expected to be hit the hardest as millions are confined to their homes, while agricultural activities partially offset lower demand for diesel due to lower demand from the trucking industry.

Mainly due to the Shanghai lockdown, gasoline demand in eastern China has already fallen by around 40% so far in April, Chinese oil executives told Bloomberg.

Shanghai authorities announced on Friday that they would tighten already tough restrictions, including placing electronic door alarms to prevent people infected with COVID from leaving and evacuating people to disinfect their homes.

Chinese refiners are expected to cut their refining runs in April on the largest scale – by 900,000 bpd – since the start of the pandemic, as new COVID-related lockdowns weigh on fuel consumption.

Last week, OPEC and the International Energy Agency (IEA) cited weaker Chinese demand as a key factor – alongside Russia’s war in Ukraine – in their forecasts for lower demand. oil world.

Oil demand is expected to average 99.4 million bpd this year, the IEA said, cutting its 2022 demand outlook by 260,000 bpd to reflect the return of severe lockdowns in China. OPEC also cut its 2022 oil demand growth estimate by nearly 500,000 bpd due to lower expected global economic growth with Russia’s war in Ukraine and the return of COVID lockdowns in China.

By Tsvetana Paraskova for Oilprice.com

More reading on Oilprice.com:

Related posts:

  1. OPEC: Evaluate of the World Financial system
  2. How China’s photo voltaic trade is designed to be the brand new inexperienced OPEC
  3. UAE oil resale exception: OPEC was dug under the waterline
  4. As Oil Costs Rise, Outdated Opec Tensions Will Rise

Categories

  • All-Equity Rate
  • Cash
  • Liquidation
  • OPEC
  • Requests for Proposal (RFP)

Recent Posts

  • Dollar gains, stocks turn south on Fed-induced slowdown fears
  • rfp: RLDA invites RFP for upgrading of Muzaffarpur Railway Station in Bihar
  • Cascade Acquisition Corp. announces its liquidation
  • SRP wants ACC to overturn Coolidge gasworks rejection
  • Nigeria’s oil production drops to 1.2 mbd in April 2022
  • Terms and Conditions
  • Privacy Policy