Bloomberg: China pushes for higher oil prices
Bloomberg indicated that China, one of the largest consumers of oil in the world, has recently begun to restore and gradually increase the demand for oil.
The Chinese oil and gas company CNPC predicted that in the third quarter of 2022 the country will be able to increase oil consumption by 12%. For this reason, OPEC + countries will increase fuel production.
In addition, China is gradually easing coronavirus restrictions. This may lead to an increase in commercial activity. Because of this, demand will increase by 1.6 million barrels per day.
On June 12, Saudi Aramco, the national oil company of Saudi Arabia, decided to cut off crude oil supplies to China in July 2022 amid increased imports by Chinese oil companies of Russian fuel.
Prior to this, the Japanese newspaper Nihon Keizai wrote that the effectiveness of Western sanctions against Russia is declining due to increased purchases by China and India of Russian energy resources.
