China is heading for the largest oil demand shock since the early days of the pandemic as the nation’s efforts to tame a rapidly spreading virus hobbles vast swathes of the economy.
Demand for gasoline, diesel and aviation fuel in April is expected to slide 20% from a year earlier, according to people with inside knowledge of the country’s energy industry. That’s equivalent to a drop in crude oil consumption of 1.2 million barrels a day, they said. It will be the largest hit to demand since the lockdown of Wuhan more than two years ago. The central Chinese city was the epicenter for the coronavirus pandemic.