China's demand for overseas oil has not yet substantially recovered. Because of concerns about epidemic prevention and control, it has suppressed travel activities and has covered the impact of increasing fuel export quotas designed to support economic growth.
According to Bloomberg, the number of passenger flights in China during the 11th Golden Week decreased by 42%year -on -year.According to the Ministry of Transportation of China, the number of national road passenger passengers in the country has decreased by nearly 30 % year -on -year.
China is the world's largest imported oil importer, and transportation accounts for about half of domestic oil consumption. Therefore, the downturn in travel activities is undergoing downward pressure on global oil prices.Moreover, although some people have speculated that Beijing may start to relax the new crown zero policy, but now it seems that this possibility is getting smaller and smaller, at least in the short term.
On the contrary, a new round of epidemic before the 20th National Congress of the Communist Party of China is leading to strengthening prevention and control.Some schools in Shanghai have suspended classes, and many other places are closed, causing concerns about comprehensive closed control.
The increasingly pessimistic of energy demand has greatly weakened the expectations of the new export quota for Chinese refining companies will lead to a large increase in crude oil imports.According to traders in the spot market, so far this month, there have been few procurement activities in this market. Both state -owned enterprises and private processing enterprises have not increased their procurement significantly.
