The days of explosive growth in China’s crude oil demand look to be behind it, with future expansion expected to be moderate and cyclical, says a top US shipbroker.
Last year, China’s overall oil demand declined by 417,000 barrels per day (bpd), or 2.7%, compared to 2021 due to China’s zero-Covid policy.
Transportation fuels, gasoline and jet fuel suffered the largest declines as lockdowns affected people’s ability to travel.
