Chinese Oil Demand Seen Hitting Record on Covid Pivot

(Bloomberg) — Chinese oil consumption is expected to hit a record this year as the world’s biggest importer leaves the straitjacket of its stringent Covid controls behind, bolstering global demand and prices.

Daily demand — which contracted last year — will climb by 800,000 barrels a day in 2023, according to the median estimate of 11 China-focused consultants surveyed by Bloomberg News. That would take consumption to a record high of about 16 million barrels a day, the survey showed.