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Chinese Oil Demand Growth Hampered by Lockdowns: OPEC

ENERGY

China’s oil demand growth sank to 0.1 mb/d y-o-y in March 2022, following higher growth of 0.5 mb/d in February 2022 and 0.8 mb/d in January 2022 according to this week’s monthly OPEC report. Demand growth has been hampered by lockdowns and a lack of mobility.

  • LPG remains the main gainer in March 2022 oil demand, recording growth of 0.2 mb/d y-o-y, or equivalently 7%.
  • The hardest hit sector in China for March 2022 oil demand is the aviation sector with jet kerosene demand showing the biggest contraction among all oil products due to a drastic decline in the daily number of flights.
  • Lockdowns have caused marginal gasoline and diesel growth of 0.1 mb/d y-o-y, each.
  • Chinese lockdowns remain the key global oil demand concern as the country persists with its 'zero-covid' approach.



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China’s oil demand growth sank to 0.1 mb/d y-o-y in March 2022, following higher growth of 0.5 mb/d in February 2022 and 0.8 mb/d in January 2022 according to this week’s monthly OPEC report. Demand growth has been hampered by lockdowns and a lack of mobility.

  • LPG remains the main gainer in March 2022 oil demand, recording growth of 0.2 mb/d y-o-y, or equivalently 7%.
  • The hardest hit sector in China for March 2022 oil demand is the aviation sector with jet kerosene demand showing the biggest contraction among all oil products due to a drastic decline in the daily number of flights.
  • Lockdowns have caused marginal gasoline and diesel growth of 0.1 mb/d y-o-y, each.
  • Chinese lockdowns remain the key global oil demand concern as the country persists with its 'zero-covid' approach.