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Chinese Oil Demand Could Hit Record Higher 2023: Vitol Head

OIL

China's oil demand in 2023 could surpass recent previous levels amid the lifting of COVID-19 restrictions according to head of Vitol Asia Mike Muller over the weekend.

  • A reduction in Chinese oil product to market has created "a rather bullish tone straight after Chinese New Year" he said.
  • "Those exports all but dried up because domestic margins were good, domestic consumption was good and there seems to be some desire to build inventory as opposed to putting it in the international market space," he added.
  • "Most analysts seem to have been revising their estimates for Chinese oil and gas consumption up for the balance of this year, substantially so, which will make 2023 one of the biggest years for year-on-year demand that we have seen." Muller added.
  • Oil prices have been tempered today after economic growth targets by the country came in below expectation Sunday.
Energy BulletsCommodities
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