Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » China’s diesel demand fell in June by most in three years, US EIA says

    China’s diesel demand fell in June by most in three years, US EIA says

    August 17, 2024
    Share
    Facebook Twitter LinkedIn WhatsApp
    New York — China’s diesel demand fell by 11% year over year to 3.9 million barrels per day in June, the biggest percentage drop since July 2021, the U.S. Energy Information Administration said on Thursday.
    WHY IT’S IMPORTANT
    Sluggish fuel demand in China has weighed heavily on oil markets this year, unnerving market participants who had bet the world’s second-largest economy will continue to be a growth engine.
    The Organization of Petroleum Exporting Countries lowered its 2024 oil forecast this week citing softer expectations for China, the first cut since the outlook was published over a year ago. Paris-based International Energy Agency cut its 2025 forecast, also citing a weak Chinese economy.
    CONTEXT
    Diesel consumption reached an all-time high in China last year but demand has dropped sharply since the second quarter this year, according to the EIA.
    The slump is largely due to two factors: the country’s ailing property sector has slowed economic growth; and liquefied natural gas is replacing diesel in heavy-duty trucks, the EIA said.
    “Aside from less use of diesel because of slowing economic activity in the construction and property sectors, a small but growing share of China’s trucking fleet is using LNG instead of diesel for fuel,” the EIA said.
    BY THE NUMBERS
    Sales of trucks running on LNG soared 307% to 152,000 last year, data from Chinese information provider CV World showed. Consultancy FGE estimates LNG will displace 110,000 to 120,000 bpd of diesel demand in China this year and next.
    Chinese refineries have struggled against this backdrop. Oil refinery output in July fell 6.1% from a year ago according to official data, down for a fourth consecutive month.

    Reporting by Shariq Khan in New York; Editing by Rod Nickel – Reuters

    Related News

    ‘OPEC oil output rises in May but compensation cuts limit hike’

    Chevron CEO warned staff of rising safety issues before fatal Angola platform fire

    Oil prices steady ahead of US-China trade talks

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Shipping firms dodges $900m cost, as Nigeria hit by empty container glut

    June 9, 2025

    ‘OPEC oil output rises in May but compensation cuts limit hike’

    June 9, 2025

    Chevron CEO warned staff of rising safety issues before fatal Angola platform fire

    June 9, 2025

    Oil prices steady ahead of US-China trade talks

    June 9, 2025

    Kwairanga reiterates NGX’s commitment to deepening Nigeria’s capital market

    June 9, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.