China to make up nearly 40% of oil demand rise in 2023: Wood Mackenzie

Travelers at passport control in Shanghai Pudong International Airport on March 12, 2023, in Shanghai, China. The country, in its latest batch of economic data releases, saw a rather muted start to its post-Covid year, with industrial production for the first months of the year falling below market expectations.

Vcg | Visual China Group | Getty Images

China will make up a sizeable portion of the world’s demand recovery for oil as the global economy braces itself for a slowdown in the wake of interest rate hikes, Wood Mackenzie said.

The research firm said in a Thursday report that it views China’s reopening as the “single biggest demand driver” for a recovery in oil demand this year — it expects the country will make up roughly 40% of the world’s recovery in demand for the commodity.

“A return to normal mobility in China is the single biggest demand driver, accounting for 1.0 million barrels per day (b/d)…

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