China’s less petroleum-intensive transportation sector and slowing down infrastructure buildout may be important reasons for a muted rebound in crude oil demand
- Apr 24, 2023, 7:00 PM CDT
Many believed that a post-covid economic bounce in China woukd automatically herald a big bounce in oil prices. The previously very direct correlation between China’s economic growth and oil prices was evidenced in the fact that almost on its own it drove the super-cycle of ever-rising prices for commodities key to its economic growth over that period. One such commodity was oil, which was vital to powering the country’s largely manufacturing-led economic boom during those years.
This said, the second part of the equation – that a strong Chinese economic rebound will automatically herald a big bounce in oil prices – is far less certain. The first part of China’s massive economic growth was founded on a huge energy-intensive expansion of its manufacturing capabilities. This also involved the mass migration of new workers from the countryside and into the cities, which required a huge energy-intensive infrastructure build-out.
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