Chinese crude demand is limited by policy and faces other headwinds
Chinese policy critical to Asian crude prospects
All eyes are on Beijing as forecasters debate the prospects for the recovery of Asia’s oil demand
Asian crude demand is making an uneven recovery as the continent emerges from the coronavirus pandemic. Opinion is split on the near-term outlook, however, as Chinese policies have already had a negative impact and—in concert with other factors—could potentially cap or even derail the rebound. Chinese crude imports were down in the second and third quarters of this year after rising in the first quarter following a post-Covid pick-up in industrial activity. The renewed slowdown came after Beijing introduced policies for refiners that included reduced crude import quotas for independents, a new consumption tax on blending components and deep cuts to product export quotas for all players— incl
Also in this section
20 February 2026
The country is pushing to increase production and expand key projects despite challenges including OPEC+ discipline and the limitations of its export infrastructure
20 February 2026
Europe has transformed into a global LNG demand powerhouse over the last few years, with the fuel continuing to play a key role in safeguarding the continent’s energy security, Carsten Poppinga, chief commercial officer at Uniper, tells Petroleum Economist
20 February 2026
Sempra Infrastructure’s vice president for marketing and commercial development, Carlos de la Vega, outlines progress across the company’s US Gulf Coast and Mexico Pacific Coast LNG portfolio, including construction at Port Arthur LNG, continued strong performance at Cameron LNG and development of ECA LNG
19 February 2026
US LNG exporter Cheniere Energy has grown its business rapidly since exporting its first cargo a decade ago. But Chief Commercial Officer Anatol Feygin tells Petroleum Economist that, as in the past, the company’s future expansion plans are anchored by high levels of contracted offtake, supporting predictable returns on investment
