IEA: China’s reopening to push global oil demand to new heights

The average growth rate for the year is estimated to be two million barrels per day, according to a new report

The International Energy Agency (IEA) anticipates that China will propel global oil demand to an all-time high.

The organisation’s new report, released earlier today, suggests global demand for oil is projected to soar by 3.2 million barrels per day from the first quarter of 2023 to the fourth quarter, resulting in an average growth rate of two million barrels per day for the year.

The IEA said even if Russia could sustain production at pre-war levels, matching this expansion would present a significant challenge.

The Paris-based agency suggests the revival of air travel and the reopening of China’s economy following the Covid restrictions will be the key factors driving the global oil demand growth.

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