OREANDA-NEWS Because of China's increased demand for oil, its value around the world may rise, Bloomberg said in a report Gazeta.ru.

China is one of the largest consumers of oil in the world. Recently the country has gradually began to restore and increase demand, noted in the publication.

The Chinese oil and gas company CNPC predicted that the country in the third quarter of 2022, will increase oil consumption by 12%. Because of this, OPEC+ countries are going to increase fuel production.

In addition, China's coronavirus restrictions are gradually easing. This may lead to an increase in business activity. Because of this, demand will increase by 1.6 million barrels per day.

On June 12, Saudi Aramco, the national oil company of Saudi Arabia, decided to reduce the supply of crude oil to China in July 2022 amid increasing imports of Russian fuel by Chinese oil companies. Previously, the Japanese newspaper Nihon Keizai wrote that the effectiveness of Western sanctions against Russia is reduced due to the growth of Russian energy purchases by China and India.