Is Chinese oil demand starting to crack?
Signs of weakness abound. But the country's robust consumption of gasoline remains a wildcard for the market
China has an outsized influence on world oil and remains the most important market to watch. It's sending some confusing signals too. Since the start of the year global oil prices have slumped, turmoil has gripped the country's equities and a weakening currency has fueled concerns about the strength of the nation's economy. Nonetheless, Chinese crude imports recorded a record high in December. Moreover, while apparent demand, which does not include topping up the strategic petroleum reserve (SPR), was impressive in 2015 at 11.2m barrels a day - expanding some 5% year-on-year - oil data from the fourth quarter finally started to reflect weaker economic activity. This is likely to persist in 2
Also in this section
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
20 March 2026
The US may be systemically stripping Russia of key geopolitical allies, but Moscow can reap rewards from the Hormuz crisis, both in the short and long term
20 March 2026
Disruptions to Qatari LNG exports have highlighted the risks of concentrated supply, potentially strengthening the long-term position of US exporters despite limited near-term flexibility
20 March 2026
The extent of the US-Israel war with Iran means there will be no going back to the previous market equilibrium no matter how the conflict ends
