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Chinese Oil Demand Seen Hitting Record on Covid Zero Pivot

  • Daily consumption may expand by 800,000 barrels, survey shows
  • Recovery may pick up from second quarter, Wood Mackenzie says
A petrol attendant works at a gas station in Fuzhou, China.

A petrol attendant works at a gas station in Fuzhou, China.

Photographer: VCG/Getty Images
By
Bloomberg News
Updated on

Chinese oil consumption is expected to hit a record this year as the world’s biggest importer leaves the straitjacket of Covid Zero behind, bolstering the global demand outlook and aiding prices.

Daily demand — which contracted last year —  will climb by 800,000 barrels a day in 2023, according to the median estimate of 11 China-focused consultants surveyed by Bloomberg News. That would take consumption to an all-time high of about 16 million barrels a day, the survey showed.