Standard Chartered: China’s Oil Demand Set To Drop This Year ...Middle East

China’s oil demand is now expected to decline this year compared to 2021, due to weakening economic growth with the extension of fresh COVID-related lockdowns, according to Standard Chartered.  Demand prospects have further weakened in the world’s top crude oil importer over the past week, analysts at Standard Chartered Global Research wrote in a note dated May 3.   Weak macroeconomic data and the lockdowns have prompted the bank to revise down its forecast for China’s oil demand in 2022 from growth of 78,000 barrels…

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