After the easing of restrictions… Oil demand expectations in China have reached a level record quest’year

Oil consumption is expected in China will reach a level record quest’year as the world’s largest importer abandons restrictions’zero Covid”, raising global demand expectations and supporting prices.

Daily demand, which contracted last year, could rise by 800,000 barrels a day in 2023, according to the median estimate of 11 China-focused advisors polled by Bloomberg News.

The survey showed that this would increase consumption in China at an all-time high of about 16 million barrels per day.

Crude oil price movements over the year in course depend in largely from China, as well as the decisions of the OPEC+ organization, and the impact of sanctions on Russian flows, as well as the impact of monetary policy. Oil bulls have built much of their outlook on Chinese demand growth, according to Bloomberg.

Market observers have pointed to the potential for a strong recovery in consumption. The International Energy Agency, which advises major economies, expects global oil demand to grow by 1.7 million barrels per day in 2023, citing the expansion in China and India, according to its December forecast.

Brent crude – the global benchmark – is trading above $80 a barrel, in significant drop from the peak near $140 reached after the Russian invasion of Ukraine. Goldman Sachs expects prices to reach $110 by the third quarter of quest’year. Morgan Stanley, ING and UBS are also positive on oil.

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