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aws账号(www.2km.me)_China’s oil demand hemmed in by virus, pollution and probes

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Tough times: A traveller walks through the Beijing Daxing International Airport. Uncertainty over the severity of the Omicron variant and China’s unwillingness to live with the virus continue to impede travel plans. — Bloomberg

BEIJING: China, the world’s biggest buyer of crude, is set to start 2022 with a subdued appetite for oil. For that, you can blame – or thank – Beijing’s increasingly tough line on the virus, pollution, and rule-breakers.

The winter months are usually the time when refiners buy crude to replenish inventories, particularly ahead of holiday trips over the Lunar New Year period.

But uncertainty over the severity of the new Omicron variant, and China’s unwillingness to live with the virus, continue to impede travel plans.

The picture heading into the new year is one of stuttering demand growth, which is showing up in a plunge in the market for domestic fuels and cuts to refinery operating rates and margins.

The drag on prices will be a comfort to the inflation hawks at the central bank, and could even derail plans by Opec+ to raise production when the alliance meets again early next month.

China’s crude imports in January 2022 are expected to be marginally higher than a year earlier, but will be soften toward the end of the quarter, according to estimates from FGE.

The industry consultant predicts purchases will be about 10.7 million barrels a day in March, more than one million barrels a day lower than the corresponding period in 2021.

Imports this year are already on track to register the first yearly decline since records began in 2004.

The nation’s Covid-zero policies are affecting operations, too. Ningbo city in the east cancelled all flights to Beijing after a positive case was found on Dec 6.

The ensuing lockdown caused disruptions to deliveries, operations and trade at the largest refinery run by China Petroleum & Chemical Corp in the city’s Zhenhai district, according to industry consultant JLC. — Bloomberg


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