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Difficult times for Germany’s downstream
Europe’s refining sector is desperately trying to adapt to a shifting global energy landscape and nowhere is this more apparent than in its largest economy
Power of Siberia 2: deal or no deal?
There is a good strategic case for China to sign a deal for gas supplies via the proposed Power of Siberia 2 pipeline, but Beijing’s concerns over over-dependency on a single supplier and desire to drive down the price make it relatively unlikely that a contract will be finalised this year.
China creates two-tier oil dynamic
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
China’s oil output to scale new heights
New discoveries and stabilisation of legacy fields’ output have helped China reverse the decline and be a top-five producer in recent years
India to help Asia spearhead global refining
Shifting demand patterns leaves most populous nation primed to become downstream leader as China and the West retreat
US, Russia and China circle the Arctic
The strategic importance of vast untapped oil and gas reserves and key shipping routes has come in from the cold
Cheap gas key to unlocking new markets
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Do not underplay China’s long-term gas growth narrative
A subdued market amid global trade tensions is just an aberration in gas’ upward trajectory
China’s critical gas position
China will play a huge role in driving gas demand, with its Qatar partnership crucial to this growth amid global structural challenges
Bad omens for Chinese oil demand
Sino-US trade tensions could see crude consumption crumble despite recent buying behaviour
Events such as the Winter Olympics near Beijing and Lunar New Year have impacted crude demand
China Oil markets
Shi Weijun
Beijing
14 March 2022
Follow @PetroleumEcon
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Chinese crude demand growth to slow

China’s demand is set to increase again this year, but at a slower pace after hitting yet another record high in 2021

China’s energy demand is being buffeted by mounting economic headwinds and one-off short-term disruptions, including February’s Winter Olympics near Beijing. Oil demand in particular could decline quarter-on-quarter in Q1 2022 because of reduced refinery throughput in northeast China, owing to governmental desire for improved air quality during the games and March’s Winter Paralympics. Both events likely impacted short-term crude demand along with early February’s week-long Lunar New Year holiday, as businesses shut for the holiday. In addition to refining demand, other emissions-intense activities such as factory operations, power generation and general traffic movement were also asked to t

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