China's oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns.
BEIJING/NEW YORK/TOKYO - China’s oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns.
Widespread lockdowns to contain the spread of the virus took an especially heavy toll on oil markets, wiping roughly 70% off global prices by mid-April and leading to huge build-ups in oil and fuel inventories worldwide. Wood Mackenzie expects China’s oil consumption in the second half to grow 2.3% to 13.6 million barrels per day from the same period last year, driven by increased transportation and industrial use.
“China has led the demand recovery path so far. Following this, other countries such South Korea, Australia and Vietnam where the cases are broadly under check will see an improvement in petroleum demand,” FGE analyst Sri Paravaikkarasu said.JBC Energy analyst Kostantsa Rangelova said Asia’s total refined product demand could rise to 34.3 million bpd in the second half, up from 31.6 million bpd in the first six months, but still about 1.
However, gasoline consumption will still be 5% down from 2019 on higher unemployment, reduced incomes and more people working from home, Rystad analyst Per Magnus Nysveen said.
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