Will the Dragon Rise Again?

12th July 2024:Chinese Oil Demand Growth Slows Down Chinese oil demand has been growing rapidly over the past decades as the country developed and became the manufacturing hub for the world. According to the IEA, Chinese oil demand increased from 4.6 million barrel per day (Mb/d) in 2000 to 16.6 Mb/d in 2023, growing from 6.0% of global demand to 16.3%. Over this period, 47% of global oil demand growth originated in China. However, Chinese oil demand in recent months has disappointed and many articles about oil price movements published recently mentioned market worries about Chinese oil demand developments as a reason for ‘low’ oil prices. As the Chinese oil market represents such a crucial part of tanker demand, especially for crude tankers, it is wise to keep an eye on Chinese demand prospects. This week we will take a look at the underlying dynamics. Please fill in below form to continue read.