The IEA sees oil demand rising by 2 million barrels per day in 2023, with China making up 900,000 bpd
China will make up nearly half of this year’s oil demand growth after it relaxed its COVID-19 curbs, the International Energy Agency said on Wednesday, but restrained OPEC+ production could mean a supply deficit in the second half.
“World oil supply looks set to exceed demand through the first half of 2023, but the balance could quickly shift to deficit as demand recovers and some Russian output is shut in.” The IEA projections are just short of a forecast of 2.3 million bpd growth in a Tuesday report by the Organization of the Petroleum Exporting Countries which with allies such as Russia make up the OPEC+ group.
But around 1 million bpd of production will be shut in by the end of the first quarter, the IEA said, following a European ban on seaborne imports and international price cap sanctions.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPEC raises forecast for China-led oil demand growth in 2023Global oil demand will rise this year by 2.32 million barrels per day, or 2.3%, OPEC said in a monthly report
Read more »
Prince George court docket: February 2-8, 2023Sentences for offences committed in Prince George and area: February 2-7, 2023
Read more »
EU executive raises euro zone growth forecast for 2023, sees lower inflationThe EU executive arm said economic growth in the 20 countries using the euro was likely to be 0.9% this year, rather than the 0.3% predicted last November
Read more »
Super Bowl 57: The car ads of The Big Game in 2023Ram surprise\u002Dreveals its production EV pickup, GM reps its Netflix tie\u002Dup, and the \u0022Fast and Furious\u0022 franchise begins its end
Read more »
Super Bowl 57: The car ads of The Big Game in 2023Ram surprise\u002Dreveals its production EV pickup, GM reps its Netflix tie\u002Dup, and the \u0022Fast and Furious\u0022 franchise begins its end
Read more »
Super Bowl 57: The car ads of The Big Game in 2023Ram surprise\u002Dreveals its production EV pickup, GM reps its Netflix tie\u002Dup, and the \u0022Fast and Furious\u0022 franchise begins its end
Read more »