Letter from China: Rebounding demand meets economic headwinds
Opec+ and the IEA have both revised up 2023 forecasts for Chinese oil demand in recent weeks
The swift recovery in China’s urban commuter traffic and supply-chain logistics after Beijing abandoned pandemic restrictions two months ago has raised hopes of a strong economic rebound. But the real impact is unlikely to be seen for some time yet. China’s dramatic reopening has been rapid but bumpy, with infections still sweeping the nation. But this year’s week-long Lunar New Year public holiday—which began on 23 January—is unique in that vast swathes of the population are no longer under Covid travel restrictions or lockdowns for the first time since the pandemic began. This relative freedom—combined with major Chinese cities, including Beijing and Shanghai, emerging from peak infections
![](/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