China is slashing liquefied natural gas (LNG) purchases as soaring global prices deepen import losses and pandemic lockdowns throttle domestic demand.
China’s worst Covid-19 outbreak since the inaugural flareup in Wuhan is blunting oil demand growth in the world’s largest crude importer, although most major population centers remain unaffected so far.
The rapid spread of omicron has yet to dampen road traffic across most of Asia even as it leads to restrictions in parts of Europe, suggesting energy demand in the region may be spared a significant hit.
China's oil consumption is expected to peak at about 780 million tonnes per year (about 111 million barrels) by 2030, driven by strong petrochemical demand, China National Petroleum Corp (CNPC) Economics & Technology Research Institute (ETRI) said on Sunday.
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 new Omicron variant of Covid-19 could cost the global oil market as much as 2.9 million barrels per day (bpd) of demand in the first quarter of 2022, bringing total expected demand down from 98.6 million bpd to 95.7 million bpd, if it triggers more lockdowns or restrictions, Rystad Energy projects.
China’s central government officials ordered the country’s top state-owned energy companies -- from coal to electricity and oil -- to secure supplies for this winter at all costs, according to people familiar with the matter.
While most gas suppliers look set to benefit from a global spike in gas prices, PetroChina (HK:857) is one of the few exceptions, as regulated prices and rising gas import losses are set to squeeze China’s largest gas producer.
China is escalating its purchases of liquefied natural gas (LNG) for the winter, exacerbating a global supply shortage and leaving less fuel for energy-parched Europe.
From congested streets to deserted highways, traffic conditions across Asia are shedding light on each nation’s battle to contain Covid-19 and maintain economic activity, which in turn affects oil consumption.
Industry doyen Sir Ian Wood has warned that halting new oil and gas exploration and production projects in the UK would be "absolutely crazy".
Oil slumped below $65 a barrel to the lowest level since May as the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and supporting the dollar.
Oil steadied near a three-week low as the rapid global spread of the delta virus variant prompted a reassessment of the demand outlook.
China's natural gas demand will continue to expand over the next 10-15 years in line with the country's target for emissions to peak by 2030, according Chinese gas industry officials.
India, the world's third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus cases—a statistic that dented oil demand and pressured oil prices.
India, once the center of global oil demand growth, expects its fuel consumption to bounce back during the coming year as the nation recoups the losses caused by Covid-19.
The worst of the reduction in oil demand came in the second quarter, the International Energy Agency (IEA) has said, and will be down by 5.1 million barrels per day in the second half of the year.
Sasol will shutdown its Natref refinery as of Arpil 9 in response to the “unprecedented decline” in fuel demand, stemming from South Africa’s lockdown aimed at halting the spread of coronavirus.
Weak demand will drive production shut ins this quarter, IHS Markit’s vice president Aaron Brady told Energy Voice, as storage options are limited.
Oil demand will reach 101 million barrels per day in 2020, OPEC’s World Oil Outlook (WOO) has said.
Global oil demand remains on course to be stronger this year than in 2018 as a boost from lower fuel prices counters slowing economic activity, according to the International Energy Agency.
The International Energy Agency cut forecasts for global oil demand growth in 2018 as the highest prices in three years put a brake on consumption.
OPEC's production output dropped last month from a record high as producers attempt to tackle the global oil glut.
Royal Dutch Shell Plc, the world’s second-biggest oil company by market value, thinks demand for oil could peak in as little as five years.
Iran's Oil minister has claimed the market is oversupplied but said the balance between demand and supply will be restored.