During the global epidemic, where global economies are in a slump, China is growing and its demand and supply have also increased.
Surprisingly, the demand for petroleum products in all countries of the world has decreased during the global epidemic, at the same time, China’s needs are growing. This situation has raised many questions.
State-owned CNPC’s think-tank released facts that Chinese gasoline demand has entered a low-to-medium growth phase while diesel demand growth peaked five years ago.
Chinese diesel demand could rise by 2.5pc from a year earlier to 3.5mn b/d in July-December, boosted by transportation and construction use.
Sales of construction machinery like excavators rose by 68pc year on year in May alone, Report said.
According to report, China’s economy grew by 3.2pc in the second quarter, a strong recovery compared with a 6.8pc decline in January-March.
The ETRI also expects more market reforms this year, as signalled by the commerce ministry’s (MoC) announcement in early July to remove entry barriers to crude and product markets.