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GL Consultant: China Gasoline Consumption May Fall 5.5% This Year, Second-Largest Drop After COVID Period
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According to forecasts by GL Consultant, Chinas gasoline consumption may decline by 5.5% this year, compared with a previous estimate of a 5.2% drop. This would mark the second-largest decline on record, second only to the period during the COVID pandemic in 2022. The company projected that rising oil prices driven by the Iran war, along with Chinas shift from internal combustion engines to electrification, will further weigh on gasoline demand this year. Earlier, the International Energy Agency (IEA) also forecast that Chinas gasoline demand will slow sharply this quarter, decreasing by about 60,000 barrels per day compared with the same period last year. The company estimates that diesel demand will also fall by 4.5% this year, while Chinas crude oil imports are expected to drop by nearly 10%, and refinery throughput is projected to decline by about 4%. (mn/) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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