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Chinese Oil Demand To Rise 5.1% In 2023

OIL

Oil demand in China could rise by 5.1%, or 756mn tons, in 2023 after Covid Zero was abandoned according to China National Petroleum Corp (CNPC).

  • China’s oil-product consumption is forecast to rise by 9.1% to 398mn tons in 2023.
  • Gasoline demand is expected to rise by 11%, diesel by 2.4% and kerosene by 57%.
  • Crude output is forecast flat at 205m tons this year, little changed from 204.7m tons in 2022.
  • Volume of crude processed forecast is expected to increase by 7.8% on the year in 2023, reversing a historical decline of 3.4% in 2022.
  • Supply of oil products is expected to rise by 8.4% year on year to 433m tons, while net fuel exports are seen at 35m tons this year, similar to last year’s level.
  • Overall refined-product supply may exceed domestic demand by 35m tons in 2023.
  • Total refining capacity will stay unchanged at 924m tons, after overtaking the US last year as the world’s largest refiner.
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