Thanks to a swift return to near normality from the Covid-19 pandemic, China has been a major point of strength for global oil demand, with cars and gasoline usage boosting the recovery, reported Caixin.
May gasoline demand was up 5% compared to the same month in 2019, according to the median of five estimates from the nation’s top oil companies including China Petroleum & Chemical Corp., better known as Sinopec, and China National Petroleum Corp, as well as industry analysts.
China doesn’t publicly release official monthly oil demand figures, so the survey provides a rare snapshot of the market trajectory. Caixin states that Sengyick Tee, an analyst with SIA Energy, said overall oil demand will be lifted in the second half of this year.