China’s Oil Demand May Have Peaked for 2023 in Blow to Bulls
- Local diesel, gasoline use seen under pre-Covid mark this year
- Nation’s onshore crude stockpiles rise to record, Vortexa says
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China’s appetite for fuels and other oil-derived products such as plastics may have peaked for this year as the nation’s economic woes continue to stand in the way of a full rebound from Covid Zero.
While recent headline numbers for crude imports pointed to robust oil demand, much of that supply has been stockpiled rather than turned into gasoline and diesel, according to analysts. The nation’s economic recovery continues to show signs of strain this year through weak indicators across manufacturing and infrastructure sectors, weighing on the outlook for commodities.