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Chinese Holiday Traffic Expected to Lag 20-24% Versus Prior Years

OIL PRODUCTS

Ministry of Transport of China sees the average expressway traffic will range from 40 million to 38 million vehicles over the October 1-7 holiday period, dropping by around 20% to 24% y/y, 16% to 24% versus the 2020 level.

  • The traffic peak will come to 45mln on October 1, the start of the National Day Holiday.
  • Chinese oil product demand is still being severely curtailed by strict covid policies.