China’s crude oil import levels will continue to be one of the factors to watch in the oil market this winter, but the world’s top importer will have a relatively limited influence on an oil market buffeted by an energy crisis, sanctions, and an economic slowdown.
Global oil demand is expected to take a hit in the coming weeks after China started announcing at the end of October renewed Covid restrictions and lockdowns in areas in several major cities, including Guangzhou, Wuhan, Xining, and Beijing.