China’s oil imports may not fully recover following the war with Iran, as analysts say the conflict has accelerated a long-term shift away from transport fuels such as gasoline and diesel, Bloomberg reports, citing estimates from Rystad Energy.
It said between 200,000 and 600,000 barrels per day of transport demand lost during the conflict may not return this year, while Energy Aspects puts the permanent loss at around 300,000 barrels per day.
FGE NexantECA data suggests that China’s crude oil imports are expected to fall by 3.3 million barrels per day in the current quarter compared to a year earlier, as supply disruptions coincide with the end of stockpiling, reduced refinery activity and a ban on fuel exports, the report added.
By Bakhtiyar Abbasov
