BAKU, Azerbaijan, Nov.19
By Leman Zeynalova – Trend:
China’s demand growth for petroleum products will slow down in 2022, Trend reports with reference to the International Energy Agency (IEA).
The country’s demand will rise by 8.5 percent as of 2021, as compared to 3.8 percent in 2022.
The table below shows China’s demand for oil products (thousand barrels per day):
|
Oil products |
2020 |
2021 |
2022 |
|
LPG & Ethane |
1 837 |
2 131 |
2 225 |
|
Naphtha |
1 444 |
1 623 |
1 759 |
|
Motor Gasoline |
3 195 |
3 448 |
3 478 |
|
Jet Fuel & Kerosene |
702 |
751 |
856 |
|
Gas/Diesel Oil |
3 150 |
3 468 |
3 547 |
|
Residual Fuel Oil |
433 |
451 |
470 |
|
Other Products |
3 076 |
3 148 |
3 247 |
Chinese oil demand declined slightly in 3Q21, by 20 kb/d q-o-q, but rose by a steep 610 kb/d from 3Q20, on strong road fuel and petrochemical demand. We expect 4Q21 demand to be 10 kb/d lower q-o-q, with a slowdown in gasoline demand more than offsetting a mediocre
recovery in jet/kerosene and an increase in naphtha and LPG. Overall demand for 2021 is expected to increase by 1.2 mb/d y-o-y and should be 1.5 mb/d above 2019 levels. Demand in 2022 is expected to rise by 560 kb/d y-o-y.
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