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Oxford Institute upgrades China’s oil demand forecasts

Oil&Gas Materials 20 March 2023 12:57 (UTC +04:00)
Oxford Institute upgrades China’s oil demand forecasts
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, March 20. China’s crude oil demand growth forecast is upgraded by 10,000 b/d in 2023, Trend reports with reference to Oxford Institute of Energy Studies (OIES).

“China’s ‘pro-growth’ policies to support its economic recovery remain subject to headwinds pointing towards a bumpy economic recovery ahead, leading us to maintain our below-consensus 680,000 mb/d demand growth forecast for 2023. Oxford Economics’ China GDP growth forecast stands at 4.5 percent in 2023, up from 3 percent in 2022,” reads the OIES report.

The report reveals that Chinese crude imports in February rose m/m by nearly 1 mb/d as domestic demand is expected to pick-up after the country’s re-opening.

“India’s ambitious growth targets and easing inflationary pressures help support our demand growth outlook at 230,000 b/d for 2023 that holds slightly above consensus. India’s demand growth outlook is slightly lowered by 10,000 b/d in 2023. Oxford Economics’ India GDP growth forecast is upgraded to 4.8 percent in 2023, from 4.4 percent previously,” says OIES.

The report says access to cheap Russian oil continues to drive India’s crude imports higher, with imports of Russian crude reaching 1.8 mb/d or 40 percent of the total in February from zero a year ago.

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