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China’s Oil Demand To Grow 3.5% YoY in 2023: CNPC

OIL

China's crude oil demand is expected to grow by 3.5% to 740mn metric tons this year, slower than previously expected according to CNPC.

  • China’s crude oil demand grew by 2.3% year on year in the Jan-May period. Demand is expected to pick up in the second half of this year to post a 3.5% year-on-year increase.
  • China’s oil demand is expected to peak at 780mn tons in 2030.
  • Crude imports are forecast to rise to 540mn tons in 2023, close to the record-high in 2020, Wang Lining, a senior oil researcher with CNPC’s Economics and Technology Research Institute, said.
  • Gasoline demand expected to exceed 2019 level, while demand for diesel and kerosene are forecast to be below 2019 levels.
Energy BulletsCommodities
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