Sudden Covid lockdowns will weigh on China’s oil demand this year as people avoid mass travel around holidays, dragging fuel consumption in the world’s top crude importer down for 2022 for the first time in two decades, analysts say. Travel by car or plane during the local holidays in September and October is expected to remain low due to fear of being locked down in flash mobility restrictions under China’s “zero Covid” policy.
As a result, demand for gasoline, jet fuel, and diesel in China could drop by 380,000 barrels…China's Annual Oil Demand Could Drop For The First Time In 20 Years
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