The IEA, in its latest monthly market report, released 13 July, has knocked 220,000 b/d off its forecast for 2023 global oil demand growth, effectively reversing a 240,000 b/d increase made a month earlier (MEES, 16 June).
Opec, in contrast, in its own report released the same day, increased its 2023 demand growth expectation by 100,000 b/d based on a 400,000 b/d hike to its Q2 China demand figure – essentially making a call that recent record crude imports (MEES, 14 July) reflect ‘real’ demand rather than stockbuilding. (CONTINUED - 168 WORDS)