At the heavyweight commodity conference, global oil traders and executives praised the Chinese economy and expressed optimism about future oil demand in China.
The S&amp;P Asia-Pacific Oil Conference, which opened in Singapore on Monday, is the largest energy gathering in Asia. During the conference, industry insiders discussed a range of topics including the Russia-Ukraine conflict, Iranian oil exports, transitioning away from fossil fuels, and China's oil demand.
Ben Luckock, Co-Head of Oil Trading at Trafigura, stated in his speech:
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Despite a slight softness in the Chinese real estate market, other parts of the economy remain robust.
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Furthermore, Gary Ross, Senior Oil Advisor at Black Gold Investors LLC and hedge fund manager, believes that China's oil demand in the fourth quarter may experience a significant increase. Strong consumption of aviation fuel and gasoline, coupled with high refinery utilization rates, are expected to drive China's crude oil imports.
He stated:
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&#34;The gasoline sales in China during the summer are absolutely astonishing, with people driving like crazy. Of course, the comparison with the same period last year will also be remarkable.&#34;
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In the first half of the year, China's crude oil imports were strong, and it is projected that this year's demand growth will account for 40% of the global total. According to Sinopec, aviation fuel consumption in the second half of the year may increase by 90% compared to the same period last year. Additionally, the Chinese government has raised fuel export quotas, which is expected to further boost oil demand.
The positive outlook on China's oil demand from energy traders indicates that the Chinese economy continues to maintain steady growth, with the impact of certain distressed real estate companies not affecting the overall economy. Prices of major industrial raw materials such as iron ore remain stable.

Global oil industry important conference reveals information: Rise?!

Key Issue of Oil Prices: At a crucial global oil conference, industry executives are extremely optimistic about China's demand.