Thinning Shanghai Traffic Shows Lockdown Threat to Oil Demand
- Peak road congestion down 36% in the city from a year earlier
- Energy Aspects, S&P Global cut China energy demand estimates
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Traffic congestion in Shanghai is more than a third lower than a year ago, highlighting the impact on oil demand as Chinese authorities stick with their Covid Zero strategy to try and stem the omicron virus variant.
China has imposed more lockdowns over the past week than at any point in the pandemic as it battles the fast-spreading strain. There are restrictions on movement in the commercial hub of Shanghai, the manufacturing center of Shenzhen, Jilin province in the north-east and Langfang City near Beijing.