Despite rebounding Chinese crude imports, analysts expect slower Chinese crude oil demand growth.
In its latest Oil Market Report, the International Energy Agency revised down its outlook on global oil demand . There was only one reason for this slower Chinese demand growth. For years, China has been the single biggest driver of oil demand expansion as its economy grew in leaps and bounds. Now, this seems to be over. And the world’s biggest commodity market would need to adjust to a new reality.
“From a structural perspective, China now looks unlikely to be the behemoth for oil demand and perhaps even for other commodities that it once was,” Energy Aspects’ Amrita Sen and Livia Gallarati told Bloomberg on the sidelines of APPEC. “We remain confident that the government will not allow economic growth to collapse, but growth will no doubt be lackluster for the foreseeable future.” Meanwhile, oil imports in China are on the rebound.
Oil Oil Demand Oil Imports Crude Oil Prices Refining
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