China and India Remain Bright Spots For Near Term Demand: Vitol
Asia's appetite for fossil fuels will remain robust in the near to medium term, with post-pandemic demand for transportation fuels in China rebounding and rapid industrialization boosting opportunities in India, Mike Muller, head of Vitol Asia, said Nov. 15, according to Platts.
- "China experienced its peak demand destruction during COVID-19, and when they opened up, the year-on-year statistics looked formidable. But putting it in the context of pre-2019 levels, China is still a market that is growing. Real-time demand for gasoline and jet fuel has exceeded expectations," Muller said.
- Muller also highlighted India as a source of robust demand growth in the years to come amid rapid population growth and industrialization.
- "After China, India will be one of the countries which will provide demand growth opportunities for all forms of fossil fuels. India's economy today is more resilient compared to a while ago. It is certainly on a growth trajectory and it's worth watching," he added.