Chinese refiners to flood the market
Chinese exports from its refinery overcapacity to increase Asian market disruption
Asian refining margins may in the short-term look better than in some regions, most notably Europe. But the structural trend in China suggests this may be the briefest of respites. High Chinese economic growth rates may soon be a thing of the past. And China's ageing and more affluent population will see a transition in its economy, with consumer spending and services displacing energy-hungry industries such as manufacturing and construction. In short, there is a "disconnect" between Chinese oil imports for refining and its domestic needs for product, says Caroline Bain, chief commodities economist at consultancy Capital Economics in London. The Chinese have "overestimated future demand" ami
Also in this section
28 March 2024
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
28 March 2024
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
28 March 2024
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources