Global Oil Consumption Exceeds Pre Pandemic Levels,and the Pattern of China's Oil Market is Accelerating Its Evolution——The Situation and Outlook of Domestic and Global Oil Markets in 2023
In 2023,global oil demand has rapidly recovered,geopolitical premiums have subsided,and the sustained interest rate hikes by the Federal Reserve have led to a decline in international oil prices.China's oil demand has reached a historic high,and the demand for refined oil products has recovered to levels close to 2019;the supply of crude oil is jointly guaranteed by both domestic and international markets.In the medium and long term,the electrification of transportation has had an irreversible impact on the demand for oil products.The demand pattern is iterated at an accelerated pace,and the peak trend remains unchanged.Especially,the peak of gasoline has been brought closer to 2024,and diesel has once again returned to the declining range.Kerosene and chemical oil are the growth points of future oil consumption.In addition,industry regulatory measures have been further implemented,market regulation efforts continue to be strengthened,and the industry landscape will continue to upgrade.
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