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Asia: Renewed Lockdowns Threaten Chinese Demand

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Hopes that China may be out of the Covid-19 woods and on its path to a strong economic recovery may have emerged too soon. A series of Covid-19 outbreaks, fed by the highly contagious BA.5 variant, are prompting renewed lockdown measures throughout the country, threatening China’s oil demand recovery. As of Jul. 11, 31 cities, a sharp rise from 11 in the previous week, were implementing full or partial lockdowns or some kind of district-based control measures, according to Nomura Securities, which estimates that these latest lockdowns affect 17.5% of China’s population and 25.5% of the nation's GDP.

Topics:
Oil Products, Oil Trade, Refining, Oil Prices
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