China Oil Demand in Limbo as Virus Saps Travel Before Party Congress
- Flights were down more than 40% over Golden Week holidays
- Covid-19 curbs increasing before Communist Party congress
An oil and petrochemical storage facility on the outskirts of Shanghai, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s appetite for overseas oil is yet to make a meaningful recovery as anxiety over virus lockdowns keeps travel subdued, overshadowing an increase in fuel export quotas aimed at supporting economic growth.
Journeys by plane over Golden Week in the first week of October were down 42% from a year earlier, according to China Aviation Daily. Road trips by Chinese tourists were about 30% lower over the holidays than in 2021, the Ministry of Transport said.