Revival in China Oil Demand Fired by Covid Exit and Exports (1)

China’s oil market is making a comeback after a torrid year, driven by rising consumption at home and abroad that could help lift global prices and deliver a big payoff for its embattled refining sector.

The stars are aligning after the government’s abrupt end to growth-sapping Covid Zero restrictions was followed by a burst of travel during the Lunar New Year break. At the same time, the war in Ukraine is lifting overseas demand for oil products, with Chinese firms poised to benefit from Beijing’s generosity with export quotas.

A rapid economic recovery as the world’s biggest crude importer finally ...