Analysts believe that the Chinese government's aggressive stimulus measures in response to the coronavirus pandemic will significantly boost trucking activity, which, in turn, will increase diesel consumption. In fact, Beijing-based Specialist Cassie Liu of IHS Markit estimates that heavy duty-truck sales, which grew by over 50%/month in 2Q, will reach 1.4MM units this year. Seng-Yick Tee, Senior Director of SIA Energy, and Chen Jiyao, Oil Consultant at Facts Global Energy, both believe that a 60-90K-b/d (2%) increase in diesel demand will push domestic consumption to a record 3.8-7.1MM b/d this year.
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