Chinese oil demand growth poised to slow
Demand prospects are limited by decelerating economic expansion following the post-pandemic rebound
China’s oil demand growth is set to slow after a record increase last year, when transportation and petrochemicals demand bounced back as the Chinese economy reopened. But softer economic growth, the normalisation of travel patterns and the rise of electric vehicles (EVs) mean the post-pandemic gains will likely fade, moderating demand. China’s oil consumption grew faster than expected in 2023, as the lifting of Covid restrictions unleashed pent-up demand for mobility, particularly domestic air travel. Provisional data indicates Chinese oil demand averaged a new high of 16.4m b/d last year, an increase of 1.7m b/d, or 11.6%, from 2022 that accounted for half of global growth over the same pe
![](/images/white-fade.png)
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised