China's demand for refined oil products is set to fell 35.7 year-on-year in 1Q due to the coronavirus. According to China National Petroleum Corp.'s research institute ETRI, domestic diesel, gasoline, and jet fuel consumption is set to fall 36 year-on-year. Specifically, gasoline consumption is set to fall 30.6 from 1Q 2019 to 1.1MM b/d in 1Q 2020, and Diesel consumption is projected to fall 37.6 year-on-year to 790K bbl (8.68K b/d). Meanwhile, compared to the same period in 2019, jet fuel sales fell 47 as consumption this month was measured at 330K b/d. These developments will lead to a 27.08MM mt surplus in the domestic market, according to ETRI.
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