Outlook For China Oil Demand Darkens ...Middle East

OILPRICE - Economy
Outlook For China Oil Demand Darkens
source : OILPRICE ( Middle East ) () 25
The outlook for crude oil demand in the world’s second-largest consumer is dimmed amid the continued increase in Covid-19 cases and the extended lockdown in Shanghai, where daily cases have topped 2,000. Because of the movement restrictions put in place to rein in the spread of the virus and because of the lockdown, China’s oil demand is already lower, having shed an estimated 1.2 to 1.3 million barrels daily, according to data from energy consultancy FGE cited by Bloomberg. Half of the lost demand is in the form of jet fuel, the data…

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