China’s 2023 crude oil demand is expected to grow 3.5% to 740 million metric tons, slower than previously expected, according to an expert at China National Petroleum Corporation’s (CNPC) research arm on Tuesday.

The state oil company’s Economic & Technology Research Institute (ETRI) had forecast 4.5% growth in demand in March.

Speaking at an event in Beijing, the new forecast by Wang Lining, head of markets at ETRI, comes as slower-than-expected economic growth in the world’s top oil importer weighs on oil prices.

Several major banks have cut their 2023 economic growth forecasts for China this month amid concerns its post-COVID recovery is faltering.

Wang also said China’s gasoline demand will grow by 0.8% from 2019 levels, while both diesel and kerosene would not quite match levels in 2019.
Source: Reuters (Reporting by Andrew Hayley; Writing by Dominique Patton; Editing by Andrew Heavens and Emma Rumney)