Singapore (Archyde.com)
Analysts expected that China would import record quantities of crude oil in 2023, supported by the growth in demand for fuel, following the increase in movement and travel, following the abolition of anti-Covid-19 restrictions and the operation of new refineries. The prospect of strong demand from the world’s largest importer will be another bullish factor for the oil market.
According to analysts from four consulting firms in the oil sector, namely Wood Mackenzie, (FGE), Energy Aspects and Standard & Poor’s Global Commodity Insight, China’s crude imports will rise by between 500 thousand and one million barrels per day this year to 11.8 million barrels per day, declining For the decline in the past two years, and exceeding the record set in 2020 at 10.8 million barrels per day.
These estimates are in line with the latest forecasts issued by the International Energy Agency. Demand for gasoline and jet fuel has soared in China since anti-COVID restrictions were lifted in December.
Sun Jian’an, an analyst at Energy Aspects, believes that gasoline and jet fuel will account for regarding 50 and 30 percent, respectively, of the total growth in demand for liquid fuels. He added that aviation fuel consumption will reach 90 percent of pre-pandemic levels by the end of 2023.