China is fighting the worst Covid outbreak since 2020, and analysts are considering a revision of their oil demand forecasts as refineries reduce run rates and lockdowns hurt consumption. According to Bloomberg, because of the outbreak and the lockdowns following it, some independent refiners—commonly known as teapots—were forced to resell oil cargos they had ordered. The lockdowns have reduced traffic in some cities as well as air travel, prompting refiners to reduce processing rates, the report also said. Yet the repercussions of…
