China’s weak oil demand was one of the few bearish developments in oil markets in the last year, but it appears that is about to come to an end. China is now slowly lifting Covid restrictions and data like airline bookings and road congestion point to better activity within China. Refinery rates are also on the rise in China, and the expectation of higher fuel export quotas will only add to that. Oil demand in China is about to start recovering after the end of Covid restrictions, Reuters has reported , citing Chinese industry officials. Lockdowns in the world’s second-largest oil consumer earlier this year dampened demand and weighed on prices and price outlooks because of Beijing’s zero-Covid policy. Because of the lockdowns, demand for oil in China is expected to have shrunk this year for the first time in 20 years. “We look at high frequency data like […]