(Bloomberg) -- For the first time in two decades, China no longer looks like the engine driving global crude demand, which is uncharted waters for many of...
-- For the first time in two decades, China no longer looks like the engine driving global crude demand, which is uncharted waters for many of the traders and executives that gathered for the APPEC oil conference in Singapore this week. China ’s economic slowdown is dire, with its property market in the doldrums and consumer confidence weak.
Other APPEC attendees, including Hengli’s Kong, cited the changing nature of oil demand. Chemical feedstocks to produce products such as fibers account for one-third of the nation’s total consumption — at about 5 million barrels a day — and that proportion may grow as road transport goes green. But those goods have a far longer “half life” than fuels, Kong said, which translates to less crude being refined over time.
However, the world’s No. 2 oil consumer will have to live with processing rates under 70%, traders and analysts surveyed by Bloomberg said.Not everyone is calling a peak for Chinese fossil fuel consumption — or writing off the potential for Beijing to boost growth. Trafigura Group Chief Economist Saad Rahim said China was still adding 8 million to 9 million new combustion engine vehicles a year.Others agree there is still room for growth, even in a less commodity intensive environment.
Typhoon Bebinca is forecast to hit the east coast of China early Monday, threatening to bring excessive rainfall that could disrupt oil refineries and LNG import terminals and paralyze transport.Summit on China’s Belt and Road initiative in Hong KongChina industrial output for August, including steel & aluminum; coal, gas & power generation; and crude oil & refining.
Companies have continued to cut jobs in 2024 after a wave of layoffs last year. Goldman Sachs, IBM, Google, and Tesla are among those shedding staff.Explore daily insights on the USA TODAY crossword puzzle by Sally Hoelscher. Uncover expert takes and answers in our crossword blog.MORGAN CITY, La.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil Rebounds After Brutal Week as Traders Take Stock of Outlook(Bloomberg) -- Oil rose from its lowest close since 2021 after a deep weekly loss pushed futures close to levels regarded as oversold, with the focus this...
Read more »
Oil Steadies as Traders Track Risk-On Tone and Storm Francine(Bloomberg) -- Oil held a one-day gain as a risk-on tone returned to wider financial markets, benefiting commodities including crude, while a storm menaced...
Read more »
Oil Holds Losses as Traders Weigh US Stockpiles and Gaza Talks(Bloomberg) -- Oil held a three-day decline after an industry report pointed to a second weekly increase in US crude stockpiles, and as Washington continued ...
Read more »
Traders Shrug Off China Pushback to Wade Back Into Bonds(Bloomberg) -- China’s early successes at curbing a government-bond rally are fast evaporating.Most Read from BloombergBiden Invests $100 Million to Fuel...
Read more »
China Traders Pay Premium for Bonds to Avoid Regulatory Scrutiny(Bloomberg) -- Chinese traders are paying a premium for government bonds to evade regulators seeking to tame an unprecedented rally, people familiar with the...
Read more »
Imperial Oil fined $50,000 over oil sands leakThe fine is an administrative penalty only, levied under the province’s Environmental Protection and Enhancement Act.
Read more »