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- Oil markets have been waiting for signs that China’s oil demand is rebounding, and this could be the start of an upward trend for oil. Crude oil prices rose today driven by new data from China, which suggested its manufacturing activity was picking up after the slump amid last year’s lockdowns.
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China’s petrochemical surge is driving global oil demand growth Sources IEA (2023), Oil Market Report - December 2023, (accessed 14 December 2023), https://www.iea.org/reports/oil-market-report-december-2023 .
Dec 19, 2023 · Driving this change is a towering wave of new petrochemical plants, most notably in China. This is shifting oil demand to the country as it increases production of plastics and synthetic fibres, while generating increasingly cutthroat competition among those that previously dominated the market.
Jan 3, 2024 · Following China’s fierce investments in domestic manufacturing industries and the ensuing rise in economic prosperity, oil consumption has increased significantly over the last three decades.
May 9, 2024 · In terms of oil demand, China has been breaking crude oil import records year after year. It’s imports in the first quarter of 2024 were 6.5% higher than the same period of 2023.
- Simon Watkins
1 day ago · The IEA left its forecast for relatively low oil demand growth of 970,000 bpd this year largely unchanged from its outlook last month, and trimmed its growth forecast for next year by 50,000 bpd to 980,000. By contrast, OPEC expects oil demand to rise by 2.25 million bpd this year, more than double the IEA’s prediction, with China providing a ...
Jan 18, 2023 · Global oil demand is set to rise to an all-time high in 2023 as China relaxes its Covid-19 restrictions in a move that may push crude prices higher in the second half of the year, according to...
Dec 8, 2023 · (Bloomberg) -- China will see oil demand growth slowing next year, casting a pall over an already disappointing global picture for 2024, as the impact of pent-up appetite for travel and consumption following a three-year pandemic begins to fade away.
