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China's demand for oil … expectations of a record level in 2023

Updated Friday 1/13/2023 08:12PM Abu Dhabi time China’s oil consumption is expected to jump by 800,000 barrels per day this year to a record high of 16 million barrels per day, according to a Bloomberg news poll. The predictions come after Beijing abandoned its strict “zero Covid” policy and reopened its borders. America Fails to Refill Strategic Oil Stocks That’s Why After the initial Covid exit wave after the lifting of tougher restrictions, Chinese oil demand is set to rebound from the second quarter onwards, which also leads to an increase in global oil demand in 2023, many say. Analysts. Despite the fact that China’s imports of crude oil in 2022 were slightly lower than a year earlier, for the second year in a row, crude oil imports in December rose 4 percent annually for the third highest monthly purchases in 2022, data showed Friday. Despite the current Covid wave, China is preparing to reopen by issuing a huge batch of oil import quotas for its refineries. According to Oilstamp, experts predict that “higher shares support the view of a recovery in Chinese demand this year and a faster-than-expected change in Covid policy means the demand recovery could be stronger than initially expected.” It is expected that the global demand for oil will grow in 2023 by about 1.7 million barrels per day, 50% of which will be the share of China. With the infection rate slowing in China, we are seeing a recovery in domestic demand for oil. With traffic back to normal in the streets of China, and the return of travel, Chinese oil consumption is expected to increase in 2023 by about 1 million barrels per day.

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