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Tag Archives: Chinese oil demand

Chinese Refiners Go on Buying Spree as Oil Too Cheap to Ignore

Oil refinery

Bloomberg, February 14, 2020 Independent oil refiners in China take advantage of plunging oil prices A sudden oil buying spree by China’s independent refiners has taken Asian traders by surprise. After weeks of production cuts, cargo deferrals and cancellations because of the deepening impact of coronavirus on Chinese crude demand, companies including Shandong Shouguang Luqing Petrochemical Co., Shandong Huifeng Petroleum Chemical Co. and Sinochem …

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China Oil Demand Has Plunged 20% Because of the Virus Lockdown

White SINOPEC oil tanks in row

BLOOMBERG, February 3, 2020 Chinese oil demand has dropped by about 3 million barrels a day, or 20% of total consumption, as the coronavirus squeezes the economy, according to people with inside knowledge of the country’s energy industry. The drop is probably the largest demand shock the oil market has suffered since the global financial crisis of 2008 to 2009, and the …

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