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Chinese Oil Demand Growth To Slip in 4Q23: CNPC

OIL

China’s oil demand growth is forecast to grow slower in the fourth quarter at 940kbpd, compared with 1.24mbpd in the third quarter according to China National Petroleum Corp.

  • Chinese oil demand growth will account for 40%, or around 800kbpd, of the global rise this year Wang Lining, head of oil market research at CNPC said.
  • Oil prices rallied in late July as China signaled more stimulus, boosting market confidence, Wang said.
  • Oil market set to tighten in the second half of this year, leading to a reduction in stockpiles, Wang added.
  • “There is not much room for growth [in China] left in the second half,” said Mia Geng, an analyst with FGE, said last month. FGE expects Chinese oil demand growth will slow to 1.1mbpd in the second half of this year, compared with 1.3mbpd in the first half of 2023.
  • Energy Aspects analyst Jiana Sun said previously Chinese oil demand this year peaked at 16.4mbpd in the second quarter and is expected to ease to 15.8mbpd in the third quarter before rising to around 16.2mbpd in the fourth quarter.
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