Crude tanker docked at Yantai port
China’s changing role as an oil consumer
Economic ill-health may be a wake-up call to the world about the Asian nation’s shifting oil buying status
China’s decades-long role as the main engine driving global crude demand appears to be finally easing, as a deepening slowdown marked by weak consumer confidence and an accelerating energy transition weigh on consumption of oil products that have traditionally lubricated growth in the world’s second-largest economy. Chinese demand contracted in July for a fourth straight month, declining by 280,000b/d compared with an increase of c.1m b/d in the previous 12 months, according to the IEA’s latest estimates. In keeping with the trend of recent months, industrial inputs diesel and naphtha remained lacklustre: diesel use in July declined by 310,000b/d year-on-year, to 3.3m b/d, the lowest level s
Also in this section
2 December 2024
Crucial role of gas means country is laying the foundations to control physical and trading supply chains
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
Although Iraq remains a major crude exporter, it is still some way from becoming a regional energy supply hub. Ambitious new cross-border schemes aim to rectify that situation
29 November 2024
There are opportunities for attractive returns and greater project success amid a real push by the Iraqi government for reform, as long as there is a shared understanding between the needs of investors and the host government
