Key Market Indicators
In a significant downturn, Chinese fuel exports for 2023 plummeted to approximately 1,200 cubic meters, a sharp drop from the roughly 2,300 cubic meters recorded in 2022. This marks a staggering 47% decrease compared to the previous year. Despite this decline, Chinese fuel supply has exhibited a consistent upward trend, increasing by an average of 8% annually since 1966. On the import front, China's fuel imports are projected to reach around 27,600 cubic meters by 2028, up from about 24,600 cubic meters in 2023. This forecasted growth represents an average annual increase of 2%. Historically, since 1966, Chinese fuel demand has surged nearly 100% year on year.
