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IEA Sees Biggest China Oil Demand Drop in Over Three Decades

  • Chinese oil demand set for first decline since 1990, IEA says
  • Consumption to decline 420,000 b/d amid Covid lockdowns
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Oil Prices Will Go Back to $125 a Barrel: Gordon
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China faces its biggest annual drop in oil demand in more than three decades as Covid-19 lockdowns and a property crisis weigh on growth in the world’s No. 2 consumer, the International Energy Agency said.

Chinese oil demand will decline by 420,000 barrels a day, or 2.7%, this year in the first annual drop since a 1% retreat in 1990, the Paris-based adviser said. The pullback that year is the only previous retreat in IEA records dating back to 1984.