The 2023 Oil Demand Conundrum ...Middle East

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In its latest Oil Market Report, the International Energy Agency forecast that global oil demand would hit 102 million barrels daily, driven by China, whose oil demand, according to the IEA, reached 16 million bpd two months ago. According to the IEA, oil demand will grow by a substantial 2.2 million bpd this year. A week ago, in its latest Monthly Oil Market Report, OPEC left its global oil demand growth forecast unchanged but revised its expectations of Chinese demand upwards: the cartel now expects it to grow by 800,000 bpd, up from…

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