This year, China’s annual oil demand may fall for the first time since 2002, largely driven by the country’s Covid policies. Minimal travel is expected during local holidays this September and October due to fears of being locked down. For the period from January to August this year, China’s oil imports have fallen by 4.7%. Sudden Covid lockdowns will weigh on China’s oil demand this year as people avoid mass travel around holidays, dragging fuel consumption in the world’s top crude importer down for 2022 for the first time in two decades, analysts say. Travel by car or plane during the local holidays in September and October is expected to remain low due to fear of being locked down in flash mobility restrictions under China’s “zero Covid” policy. As a result, demand for gasoline, jet fuel, and diesel in China could drop by 380,000 barrels per day (bpd) this […]