China's continuing Covid-19 lockdowns are pushing analysts to slash their oil demand forecasts and their expectations for tanker rates.
On Monday, Barry Rogliano Salles’ (BRS Group) said Beijing’s continued insistence on zero Covid-19 would “continue to cast a long shadow over oil and tanker markets” following Rystad Energy projecting a shortfall in oil demand for 2022.
Instead of rising by 600,000 barrels per day this year, BRS Group said Chinese demand would only grow by 400,000 barrels as an estimated 400m people are under some form of movement restriction.
