Letter from Beijing: Refiners hoping for summer rebound
Easing of Covid restrictions looks set to lead to surge in domestic travel
China’s worst Covid flare-up since the initial outbreak in Wuhan two years ago is finally subsiding, helping build momentum in the domestic travel sector and the wider economy. There are clear signs life in financial hub Shanghai is normalising after a crippling two-month lockdown that prompted draconian curbs on travel and economic activity. Residents were permitted to dine indoors at restaurants on Wednesday for the first time since March, while Disney said its sprawling theme park would reopen on Thursday. The tentative easing of Covid restrictions in Shanghai and other key cities such as Beijing comes ahead of the summer travel season. Traffic jams have already returned, with a congestio
Also in this section
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields