(PetroTimes) - Asia, led by China and India, is seeing new demand for fossil fuels, despite the challenges of ...
(PetroTimes) - Asia, led by China and India, is seeing new demand for fossil fuels, despite the challenges of building and advances in electric vehicles.
Economic developments in Asia, particularly in China and India, suggest that demand for fossil fuels will persist for the foreseeable future. Despite the fluctuations caused by the Covid-19 pandemic, China is showing impressive signs of recovery, especially in the transport and petrochemical sectors.
At the Financial Times Commodities Summit, Mike Muller, director of Vitol Asia, said China's demand for petroleum products had exceeded forecasts. The consumption of fuels such as petrol and kerosene has increased significantly, indicating that the economy has recovered rapidly from the epidemiological crisis. This is an impressive trend, as demand from China has dropped significantly during the pandemic.
The Impact of the Petrochemical Industry on Crude Oil Demand
The International Energy Agency (IEA) has raised its crude oil supply and demand forecasts for 2023, mainly due to the demand situation in China. In September, China hit a record oil consumption of more than 17 million barrels per day, thanks to soaring demand in the petrochemical sector
Oil Market Outlook
It is predicted that in the long term, the demand in the petrochemical and liquefied petroleum gas (LPG) industry will witness the highest growth. According to Giovanni Serio, director of research at Vitol, the oil market will rebalance, or even be in surplus, next year. He pointed out that oil demand has surpassed pre-pandemic levels
Overall, the economic recovery in Asia, led by China and India, is significantly increasing demand for fossil fuels. Despite environmental challenges and technological advancements, Asian markets remain key markets in the energy sector.
Via PetroTimes