China, which is leading the recovery, is back to more than 90% of its pre-coronavirus levels, with petrol and diesel use expected to accelerate
Beijing/New York/Tokyo — China’s oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns.
Widespread lockdowns to contain the spread of Covid-19 took an especially heavy toll on oil markets, wiping roughly 70% off global prices by mid-April and leading to huge build-ups in oil and fuel inventories worldwide. While oil analysts agree that China’s demand is rebounding, estimates differ in terms of degree and duration.
Even so, there is strong consensus that both petrol and diesel use is expected to accelerate as more people and businesses boost movement. In Japan, the fourth largest oil user, petrol demand is expected to contract by 10% in October to December, but rebound strongly from the 27% contraction seen in April to June, refiner Cosmo Energy Holdings said.
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.
Global smartphone sales plunge 20% in pandemic-hit quarterGlobal smartphone sales saw their worst-ever slump in the first quarter as the coronavirus pandemic hit consumer spending, a market tracker said Monday.
Read more »
Investor confidence pushes global shares to three-month highsIn China, Japan and South Korea, where Covid-19 is relatively contained, stock indices have lifted to be only about 5%-6% below 2020s peaks
Read more »
Home affairs seeks extension of VFS Global visa contractThe department wants to extend the contract until it is ready to launch a public-private partnership
Read more »
Volt Africa wins big at INMA Global Media AwardsDigitally integrated service provider Volt Africa has won two prizes in the 2020 edition of the International News Media Association's (INMA) prestigious Global Media Awards competition.
Read more »
Gold at one-week high as US-China tensions boost demandFactors appear to both support and limit appreciation of the price of the metal
Read more »
China halting US soy imports is unlikely to hurt anyone soonAmerican farmers shouldn’t panic just yet, writes David Fickling, as there are other soy markets, and this fight is about perceived power not products
Read more »