Worldwide oil demand is predicted to rise by 2 million barrels per day in 2023, the International Energy Agency said Wednesday, reaching an all-time high due largely to higher demand from China as it lifts its harsh zero-COVID policies.
Global oil demand is anticipated to reach a record high of 101.9 million bpd in 2023, the Paris-based agency said Wednesday in its closely watched Oil Market Report, up from a slowdown toward the end of 2022 and a 1.4 million-bpd rise from the previous record seen in 2019.Chinese demand is expected to rise by 900,000 bpd alone this year as Beijing moves to reopen its economy for the first time since the start of the COVID-19 pandemic.
But the high demand could drive a supply shortfall in the second half of 2023 due to restrained OPEC+ production, the IEA said. Members of the OPEC+ cartel slashed their output targets by 2 million bpd in November last year, tightening the supply-demand balance.
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