China Daily Oil Summary: Demand to Grow by 1% in 2024

MNI (London) - China’s oil demand is expected to grow by 1% this year to 764mn tons, according to a CNPC report.

• Oil demand growth is expected to slow this year as the post-pandemic recovery fades, while electric vehicle sales are expected to replace more than 20mn tons of fuel.
• Domestic oil products demand is estimated to rise by 0.3% to 400mn tons this year.
• China’s aviation fuel demand is seen growing 13% in 2024 y/y according to state energy Giant China National petroleum Corp (CNPC). China’s aviation fuel consumption may hit 39.3 million metric tons this year it said in its annual outlook.
• China's state-owned refineries intend to raise their refined oil exports by 20.69% from February’s planned volumes of 4.2 million tonnes in March according to OilChem.
• FROM THE PRESS: Local governments are required to formulate annual housing development plans for 2024 and 2025 which should scientifically arrange land supply based on housing demand to prevent high volatility, according to the Ministry of Housing and Urban-Rural Development. The plans should clarify the annual supply of housing and land, and calculate the reasonable financing needs of real-estate projects.
• FROM THE PRESS: Passenger airlines between China and the U.S. are expected to increase to about 100 weekly round-trip. After the U.S. allowed Chinese carriers to boost weekly round-trip passenger flights to 50 from the current 35 starting on March 31, China may follow suit based on the principle of reciprocity.