China Demand for Oil going up - April 29
Posted: Wed Apr 29, 2020 3:25 pm
Petroleum demand in China, the world’s largest importer of crude, appears to be rising again following the outbreak that brought the country to a near standstill for much of February, traffic and airline industry data suggest.
Data from TomTom, a location technology company, suggest that rush-hour traffic in some big Chinese cities has recently reached levels comparable to the average across 2019.
Based on analysis of Chinese use of petroleum products for cars, air travel and industry, Rystad estimated that the country’s oil consumption fell to below 10m barrels a day on average in February. It expects this to rise to about 12m barrels a day in April, but that is still below the levels of about 13.7m a day in December.
China’s airline sector, a key source of demand in the country for petroleum products, is also getting back to business after flights were grounded due to extensive travel bans and quarantine measures.
Data from TomTom, a location technology company, suggest that rush-hour traffic in some big Chinese cities has recently reached levels comparable to the average across 2019.
Based on analysis of Chinese use of petroleum products for cars, air travel and industry, Rystad estimated that the country’s oil consumption fell to below 10m barrels a day on average in February. It expects this to rise to about 12m barrels a day in April, but that is still below the levels of about 13.7m a day in December.
China’s airline sector, a key source of demand in the country for petroleum products, is also getting back to business after flights were grounded due to extensive travel bans and quarantine measures.