{"id":64708,"date":"2023-01-13T18:13:32","date_gmt":"2023-01-13T23:13:32","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64708"},"modified":"2023-01-13T18:13:32","modified_gmt":"2023-01-13T23:13:32","slug":"chinas-oil-demand-is-set-to-hit-a-record-high-in-2023","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64708","title":{"rendered":"China\u2019s Oil Demand Is Set To Hit A Record High In 2023"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Chinas-Oil-Demand-Is-Set-To-Hit-A-Record-High-In-2023.html\">China\u2019s Oil Demand Is Set To Hit A Record High In 2023<\/a><\/h3>\n<div id=\"key_points\" class=\"wysiwyg clear\">\n<ul>\n<li>China\u2019s oil demand is expected to hit a record high 16 million bpd this year, an increase of 800,000 bpd.<\/li>\n<li>Having lifted its zero-Covid policy, China is currently suffering through an exit wave of Covid but should recover in the second quarter.<\/li>\n<li>China is preparing for its reopening already, with the government issuing a huge batch of oil import quotas for its private refiners.<\/li>\n<\/ul>\n<\/div>\n<div class=\"articleImageContainer\"><picture class=\"lozad-picture singleArticle__articleImage\" data-iesrc=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2023-01-13_2ncaufdspm.jpg\" data-loaded=\"true\"><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2023-01-13_2ncaufdspm.jpg\" media=\"(max-width: 480px)\" \/><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2023-01-13_2ncaufdspm.jpg\" media=\"(min-width: 480px)\" \/><img \/><\/picture><\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>China\u2019s oil consumption is expected to jump by 800,000 barrels per day (bpd) this year to a record 16 million bpd, after Beijing abandoned the strict \u2018zero Covid\u2019 policy and re-opened its borders, a median estimate of 11 China-focused consultants polled by\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-12\/covid-pivot-sets-up-china-oil-demand-for-record-high-this-year#xj4y7vzkg\" target=\"_blank\" rel=\"noopener\">Bloomberg News<\/a>\u00a0showed.<\/p>\n<p>Following the initial exit Covid wave after the strictest curbs were lifted, Chinese oil demand is set to rebound from the second quarter onwards, also raising global oil demand for this year, many analysts say.<\/p>\n<p>Despite the fact that China\u2019s crude oil imports in 2022 were slightly lower than the previous year, for\u00a0<a href=\"https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/China-Books-Its-Second-Annual-Oil-Import-Decline-In-A-Row.html\">a second consecutive year<\/a>, crude imports in December rose by 4% annually for the third highest monthly purchases in 2022, data showed on Friday.<\/p>\n<p>Despite the current Covid wave, China is preparing for the re-opening with the issuance of a\u00a0<a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/China-Issues-Massive-Oil-Import-Quotas-As-It-Reopens-Borders.html\">huge batch of oil import quotas<\/a>\u00a0for its private refiners.<\/p>\n<p>\u201cHigher quotas support the view of recovering Chinese demand this year and the quicker-than-expected change in Covid policy means that the demand recovery could be more robust than initially expected,\u201d ING strategists Warren Patterson and Ewa Manthey\u00a0<a href=\"https:\/\/think.ing.com\/articles\/the-commodities-feed-usd-weakness-china-optimism\/\" target=\"_blank\" rel=\"noopener\">said<\/a>\u00a0this week.<\/p>\n<p>Global oil demand in 2023 is expected to grow by around 1.7 million bpd, of which 50% will be driven by China, according to ING, which says \u201cThere could be some upside risk to this\u201d forecast.<\/p>\n<p>\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>China\u2019s Oil Demand Is Set To Hit A Record High In 2023 China\u2019s oil demand is expected to hit a record high 16 million bpd this year, an increase of 800,000 bpd. Having lifted its zero-Covid policy, China is currently suffering through an exit wave of Covid but should recover in the second quarter. China [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[130,29341,589,1650,5332,14603],"class_list":["post-64708","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-china","tag-covid","tag-oil-demand","tag-oil-imports","tag-oilprice-com","tag-tsvetana-paraskova"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64708"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64708\/revisions"}],"predecessor-version":[{"id":64709,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64708\/revisions\/64709"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}