China oil demand growth accelerates amid swift factory rebound – Bloomberg
|China’s demand for oil has continued to grow above pre-COVID-19 pandemic levels, in the wake of a quicker turnaround in the country’s manufacturing and infrastructure sectors, per Bloomberg.
Key takeaways
“Beijing saw the biggest impact of more cars, experiencing its worst smog in 12 months in early February and there’s been little respite since. Major cities in Hebei, the province that surrounds the capital, had medium pollution levels on Thursday, according to the China National Environmental Monitoring Center.”
“About 79% factories and companies restored full production right after Lunar New Year, much earlier than previous years, according to a survey of over 1,000 energy and petrochemical companies in 30 provinces and regions. The poll was carried out by OilChem and the Development Research Center of the State Council and included trade, logistics and manufacturing companies.”
“Staying at home also led to an unexpected bump in fuel consumption from another source. The postal service collected and delivered over 660 million parcels during the holiday, almost three times more than the same period last year, data from China’s Ministry of Transport shows.”
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