Opec and the IEA are increasingly running counter to market expectations in adhering to forecasts of 2mn+ b/d demand gains for 2023 in their monthly reports. Indeed, the IEA has now revised up its oil demand growth expectations for the year by 180,000 b/d to a red-hot 2.2mn b/d.
“China’s demand recovery continues to surpass expectations, with the country setting an all-time record in March at 16mn b/d” says the IEA in its May Oil Market Report (OMR). “The world’s second biggest oil user after the US will account for nearly 60% of global growth in 2023. Record demand in China, India and the Middle East at the start of the year more than offset lackluster industrial activity and oil use in the OECD,” it adds. (CONTINUED - 757 WORDS)
