Global oil demand is set to rise to an all-time high in 2023 as China relaxes its Covid-19 restrictions in a move that may push crude prices higher in the second half of the year, according to the International Energy Agency.
Demand for crude oil could rise 1.9mn barrels a day to reach an all-time high of 101.7mn b/d, the IEA said in its first monthly oil report of 2023.
“Two wild cards dominate the 2023 oil market outlook: Russia and China,” the report said, adding that such robust demand would tighten “the balances as Russian supply slows under the full impact of sanctions.”
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