Chinese Oil Demand To Crash By 1 Million Bpd On Covid Surge

China’s oil demand is expected to be 1 million barrels per day (bpd) lower in the next two months than previously expected due to the rising number of COVID cases in the world’s top crude importer, Goldman Sachs says. Still, the overall hit to global oil demand will be more moderate, the investment bank said in a note carried by Reuters.

Goldman Sachs analysts now see total global crude oil demand at 97.8 million bpd over the next two months, compared to an estimated 98.4 million bpd in July. China imposed in the past two weeks widespread…