SINGAPORE : China is expected to import a record amount of crude oil in 2023 due to increased demand for fuel as people travel more following the dismantling of COVID-19 controls and as a result of new refineries coming onstream, analysts said.The prospect of strong demand from the world's biggest importe
SINGAPORE : China is expected to import a record amount of crude oil in 2023 due to increased demand for fuel as people travel more following the dismantling of COVID-19 controls and as a result of new refineries coming onstream, analysts said.
Sun Jianan, an analyst at Energy Aspects, reckoned gasoline and jet fuel would account for around 50 per cent and 30 per cent of total growth in demand for liquid fuels, respectively. Jet fuel consumption, according to Sun, would reach 90 per cent of pre-COVID levels by end-2023. Graphic: China's crude oil imports likely to rebound to new highs in 2023 - https://fingfx.thomsonreuters.com/gfx/ce/jnvwyxnnovw/forecast%20of%20China%202023 per cent20crude%20oil%20imports%20growth.jpg
In a sign of the trends, Unipec, the trading arm of Asia's top refiner Sinopec, snapped up at least 8.5 million barrels of Abu Dhabi Upper Zakum crude so far in February, as its buying spree entered a second straight month.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Commentary: Budget 2023 - A sensible fiscal balance will keep Singapore competitive and resilientLooking ahead, FY2024 may be the crunch time where Singapore makes up for the previous few years of deficits, says OCBC chief economist Selena Ling.
Read more »
Resurgent China will drive 2023 oil demand but deficit could loom - IEALONDON : China will make up nearly half of this year's oil demand growth after it relaxed its COVID-19 curbs, the International Energy Agency (IEA) said on Wednesday, but restrained OPEC+ production could mean a supply deficit in the second half.'Supply from OPEC+ is projected to contract with Russia pres
Read more »
ASML: trade war risks increasing, but no 2023 impact on China salesAMSTERDAM : ASML Holding NV on Wednesday warned growing global trade and export controls pose a threat to its business, but it does not expect new restrictions on exports to China to affect 2023 earnings.In a discussion of risks in its annual report, the top supplier of equipment to semiconductor makers o
Read more »
China solar power capacity could post record growth in 2023SINGAPORE : China is expected to add 95 to 120 gigawatts (GW) of solar power in 2023, or as much as 30 per cent, a solar manufacturing association said on Thursday, in what would be a record annual rise in capacity. The world's biggest solar products maker and solar power generator brought 87.41 GW of new
Read more »
Top Singapore golfer Amanda Tan to compete in HSBC Women’s World Championship - Singapore News23-year-old Tan will be competing with the world’s top five players, namely Lydia Ko, Nelly Korda, Minjee Lee, Atthaya Thitikul and defending champion Ko Jin-young
Read more »
Singapore to host World Aquatics Championships 2025 - Singapore NewsThe announcement was made by the World Aquatics governing body on Feb 9 and the venue was originally to be in Kazan, Russia but was changed after the Russian invasion of Ukraine
Read more »