Travel is driving the increased oil demand in China, says S&P Global

Pump jacks pump oil at an oil field on the shores of the Caspian Sea in Baku, Azerbaijan. Photo by Reuters/Grigory Dukor. Sketched by the Pan Pacific Agency.

BEIJING, Sep 4, 2023, CNBC. China’s economic recovery is key for global oil markets as post-pandemic trends drive demand, S&P Global said, according to the CNBC.

“It hasn’t been manufacturing … it’s been jet, it’s been gasoline. And why? When the Covid restrictions were lifted, people wanted to move again,” Carlos Pascual, senior vice president for global energy and international affairs at S&P Global Commodity Insights told CNBC’s “Squawk Box Asia.”

He said China’s industrial manufacturing has not been the “critical factor” in driving the oil market recently and the increase in demand may taper off in 2024.

Share it

Exclusive: Beyond the Covid-19 world's coverage