The world’s second-largest oil consumer, China, could accelerate global oil demand in the second half of 2020, industry executives told Reuters, as more countries continue to emerge from COVID-19 lockdowns.
Worldwide efforts to contain the spread of the virus have ravaged oil markets, wiping roughly 70 percent off global prices by mid-April and leading to huge build-ups in oil and fuel inventories.
“The brisk resumption of Chinese oil demand, 90 percent of pre-COVID levels by the end of April and moving higher, is a welcome signpost for the global economy,” said Jim Burkhard, vice president and head of oil markets at IHS Markit.
He added: “When you consider that oil demand in China – the first country impacted by the virus – had fallen by more than 40 percent in February – the degree to which it is snapping back offers reason for some optimism about economic and demand recovery trends in other markets such as Europe and North America.” (RT)
Whatsapp xəttimiz - 070 224 40 25