The number of requests for flights from abroad for the “golden week” – Labor Day weekend – has already reached 120% of the 2019 level, air travel in China could limit the drop in oil prices. It has been reported Bloomberg.
The publication states that aviation kerosene consumption in China is seen as the biggest driver of growth in global oil demand in 2023. In mainland China, domestic fuel demand is reportedly recovering almost completely.
The agency emphasizes that Chinese citizens will rest for five days from April 29 to May 3 this year, and already on April 18, an increase in flight ticket bookings has been recorded.
Previously, the Chinese state and private oil giants sharply augmented Import of Russian oil.
In March 2023, China’s total Russian oil imports rose to a record 9.61 million tons, which equates to about 2.26 million barrels per day.