China's Oil Demand Growth Seen Cooling in 2024 as Recovery Fades - Bloomberg
China’s Oil Demand Growth Is Seen Cooling in 2024 as Pandemic Recovery Fades - Bloomberg
China’s Oil Demand Growth to Cool in 2024 as Recovery Fades
- Past year saw benefit of pent-up appetite after the pandemic
- Growth for next year seen at 500,000 barrels per day - survey
China will see oil demand growth slowing next year, casting a pall over an already disappointing global picture for 2024, as the impact of pent-up appetite for travel and consumption following a three-year pandemic begins to fade away.
The world’s top crude importer will consume an additional 500,000 barrels a day next year, according to the median of estimates from 12 industry consultants and analysts surveyed by Bloomberg — less than a third of the increase in 2023. Petrochemical feedstock such as naphtha, and liquefied petroleum gas, or LPG, should account for most of the rise, along with jet fuel. Transport fuels such as gasoline, by contrast, are expected to become less significant as the electric-vehicle fleet grows.
Have a confidential tip for our reporters? Get in Touch
Before it’s here, it’s on the Bloomberg Terminal
LEARN MORE
Up Next
China’s Oil Demand Growth to Cool in 2024 as Recovery Fades
Related Knowledge Center: ENERGY BASICS: hydropower
Hydropower — electricity generated by turbines capturing energy from moving water — was for many years the primary contributor of renewable energy to the U.S. electricity grid. Its growth was rapid into the 1970s, and since then has offered a stable supply of power, while a declining share of all generation. For many years, hydropower was seen as clean energy and an unalloyed good, but a greater understanding of the impact of dams on ecosystems and wildlife has led to the removal of some dams. As of 2019, hydropower trails wind as a renewable source of power generation.