Authorities’ renewed clampdown to combat Covid-19 estimated to have reduced demand for fuel by 30%
China’s biggest oil refiner is scaling back operations as Beijing’s aggressive response to the Delta coronavirus variant saps demand for road and aviation fuel, according to an analyst.
A Beijing-based official from Sinopec’s press office declined to comment when contacted on the matter. Some Chinese refineries trimmed run rates in the past week as Covid-19 restrictions were rolled out, said Wang Lining, a researcher at an institute by China National Petroleum Corp., the country’s largest energy company, without specifying the extent of the reductions.
Beijing’s strict Covid-19 elimination strategy could also sap economic expansion and energy demand over the longer term. While the policy will lead to a relatively safe domestic environment, it is likely to be costly for growth, Zhang Zhiwei, chief economist at Pinpoint Asset Management, said in a note.
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