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
28 September 2023
Oil minister Oun sends out cautiously optimistic message on oil and gas outlook and says pilot project ready to unlock huge shale reserves key to further growth
27 September 2023
Regional industry body ANGEA remains bullish about Asia's adoption of gas and LNG, despite elevated prices and logistical challenges
26 September 2023
Half a century after the 1973 conflict, the world is dramatically different. But OPEC’s power remains
26 September 2023
Bottlenecks continue to constrain gas-rich Appalachia, and relief may not be in the pipeline