China's Sinopec is Asia's biggest oil refiner.
- expects demand for refined oil products to recover in Q2 as coronavirus is brought under control
- "The anti-COVID measures have restrained consumption of refined oil products. But we expect oil demand to gradually resume in the second quarter with the pandemic outbreak under control," said Li Li, deputy head of Sinopec's operation management department.
They may be on to something, hope so. Shanghai officials are eyeing wider reopening, and manufacturing resumption as new Covid-19 cases fall to a 24-day low today.
Oil update:
