China Continues To Be Main Driver For Oil Demand in 2021

Expanding refining capacity in the world’s largest oil importer, China, continues to support the global oil market and demand, even at times when demand elsewhere is tepid, participants said at the ongoing Argus Crude Live Virtual Conference. The expansion of refining capacity in China—thanks to new refineries from state oil majors and from independent refiners, which were allowed to import crude oil under government-allocated quotas five years ago—has supported global oil demand, even at the price of exacerbating a fuel oversupply…