BAKU, Azerbaijan, Aug.18
By Leman Zeynalova – Trend:
China’s oil demand is set to continue positive trend by 2022, Trend reports referring to the latest data of the US JP Morgan Bank.
China is among the top largest consumers of oil in the world with 14.2 million barrels per day, respectively. In the last decade, the share of global oil consumption from Europe and North America have begun to decline, whereas consumption levels from Asia Pacific and other regions have risen.
China’s oil demand is forecast to rise from 13.6 million barrels per day in 2020 to 14.7 million barrels per day in 2021. JP Morgan estimates that the country’s oil demand stood at 14.2 mbd in Q1, 14.9 mbd in Q2 and is expected to drop to 14.6 mbd in Q3, before surging to 15.3 mbd in Q4.
The country’s oil demand was 13.9 mbd in January, 14.4 mbd in February, 14.2 mbd in March, 14.6 mbd in April, 15.0 mbd in May, 15.1 mbd in June, 14.8 mbd in July. For the rest of the year the expected demand level is as follows: 14.2 mbd in August, 14.9 mbd in September, 14.9 mbd in October, 15.6 mbd in November and 15.4 mbd in December.
China’s oil demand will reach 15.6 mbd in 2022, with quarterly demand standing at 14.9 mbd in Q1, 15.6 mbd in Q2, 15.7 mbd in Q3 and 16.1 mbd in Q4.
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