Shanghai
Chinese energy demand gets back on track
The signs point towards a comeback in 2023, but uncertainty around Covid remains a factor
China’s energy markets look set for a year of reset and normalisation after a tumultuous 12 months of struggling to balance economic growth with Covid containment. And a surprisingly strong final quarter last year has generated optimism that the country’s reopening can support global oil demand. Chinese demand for oil declined by c.500,000bl/d, or 3pc, last year compared with 2021, representing the biggest annual drop since the 1980s. A rebound in the country’s appetite will likely be key for the global market in 2023, as Beijing’s abrupt abandonment of zero-Covid in December paves the way for a faster-than-expected reopening by the second quarter. With recession risks mounting for the US an
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
