China’s COVID resurgence delays oil demand recovery to after Q2 2023 -analysts – Hellenic Shipping News Worldwide
Analysts are cutting forecasts for China’s year-end oil demand after COVID-19 cases surged to near record levels, forcing authorities to reinstate mobility curbs and delaying recovery at the world’s top crude importer.
Despite recent moves by Beijing to dial back some COVID restrictions, analysts see China’s reopening process as taking one step forward, and two steps back – fuel demand in the world’s No. 2 oil consumer is seen unlikely to recover until after March 2023, limiting global oil price gains.
“We cautiously lower our expectations for China demand by 1.2 million barrels per day (bpd) in 4Q ’22,” Goldman Sachs analysts said in a note. “Confidence remains high in a 2Q 23 China reopening.”
China announced on Nov. 11 it will relax some COVID curbs after sticking like glue to its ‘zero-COVID’ strategy for two and half years, lifting hopes of a demand recovery. Beijing’s policy has been to take firm action to end all outbreaks, at odds with most Western countries that are…
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source: https://news.oneseocompany.com/2022/11/22/chinas-covid-resurgence-delays-oil-demand-recovery-to-after-q2-2023-analysts-hellenic-shipping-news-worldwide_2022112236266.html
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