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China and Covid-19: Returning lockdowns increase downside risk to demand

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19 July 2022

China and Covid-19: Returning lockdowns increase downside risk to demand

Report summary

China's oil demand has been recovering since the severe hit of Omicron outbreaks in April. However, as Covid cases rebounded in late June/early July, when more transmissible Omicron sub-variants were first detected, modified lockdowns are returning with curbs imposed pre-emptively in multiple places. China's zero-Covid policy and recurring outbreaks lead to downside risks to China's oil demand recovery in H2 2022 and into 2023. In this Insight slide deck, we address the following topics: • The impact of China's Covid policy and the possibility of a shift away from zero-Covid • Quantifying the risk to China's demand by product through 2023 • Uncertainties that remain to our base case outlook

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    China And Covid 19 Returning Lockdowns Increase Downside Risk To Demand.pdf

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