China’s oil demand is now expected to decline this year compared to 2021, due to weakening economic growth with the extension of fresh COVID-related lockdowns, according to Standard Chartered. Demand prospects have further weakened in the world’s top crude oil importer over the past week, analysts at Standard Chartered Global Research wrote in a note dated May 3. Weak macroeconomic data and the lockdowns have prompted the bank to revise down its forecast for China’s oil demand in 2022 from growth of 78,000 barrels…
