• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 2 hours Which producers will shut in first?
  • 6 hours How to Create a Pandemic
  • 49 mins TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 8 hours KSA taking Missiles from ?
  • 8 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 9 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 7 hours Trump eyes massive expulsion of suspected Chinese spies
  • 4 hours WE have a suicidal player in the energy industry
  • 4 hours Eight Billion Dollars Wasted on Nuclear Storage Plant
  • 9 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 22 hours Today 127 new cases in US, 99 in China, 778 in Italy
The Oil Glut Is About To Get Even Worse

The Oil Glut Is About To Get Even Worse

With OPEC+ countries flooding the…

China's Power Demand Dives In 2020

Electricity

China’s power consumption in the first two months of the year fell 7.8 percent on 2019 because of the coronavirus outbreak, Reuters reports, citing data from the National Development and Reform Commission.

Power generation also fell, by 8.2 percent, in January and February, although since the beginning of March it has increased, the state planning agency also said.

China is beginning to recover from the worst of the outbreak but it will be a while before this recovery translates into increased energy demand and consumption.

The latest reports are all gloomy. Consumer spending and factory activity for January and February all turned out worse than expected, the Associated Press reported yesterday, citing government data.

Factory output dropped by 13.5 percent in the period from a year earlier, the data showed, which was a record decline. Retail sales fell even more, by 20.5 percent. In energy, official data for fuel demand has yet to be released but consultancy Rystad Energy has calculated that road fuel demand alone suffered a blow of 1.5 million bpd in just February.

Forecasts for total fuel demand are a lot worse. State energy major CNPC said it expected this to have dropped by as much as 26 percent during the first quarter of the year. Gasoline demand, the company said, is seen 1.1 million bpd lower in January-March 2020 from a year earlier, and diesel demand is seen down by 790,000 bpd, or 25 percent.

Jet fuel demand will suffer the most thanks to the flight cancellations prompted by the epidemic that has now turned into a pandemic. According to CNPC, jet fuel demand will record a 47-percent annual decline in the first quarter.

Demand for the three most popular fuels, the state major said, is seen falling by 2.2 million bpd in February alone, the worst month of the outbreak.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News