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
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
24 July 2025
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken
23 July 2025
The country’s energy minister explains in an exclusive interview how the country is taking a pragmatic and far-sighted approach to energy security and why he has great confidence in its oil sector