IEA: worldwide oil request to surge with anticipated growth China’s economy

2023-02-16 01:33:12

(MENAFN) The International energy Agency (IEA) on Wednesday forecasted that worldwide oil request would rise by 200,000 barrels a day (bpd) this year.

International oil request is prepared to surge by 1.96 million barrels per day (bpd) in 2023 to a peak of 101.9 million bpd, the IEA mentioned in its monthly oil market statement.

The forecasted rise is going to be led by China's expansion estimation of nearly 900,000 bpd.

"Following Beijing’s late-2022 about-turn on its stringent anti-COVID restrictions, we expect Chinese oil demand to quickly pick up steam and comfortably exceed 2021 levels by the end of the year," the agency stated.

Request in OECD nations is forecasted to reach 46.39 million bpd, rising 390,000 bpd from the prior year, and 55.53 million bpd in non-OECD countries, surging by 1.57 million bpd.

"We anticipate further declines in OPEC+ crude supply this month, led by Russia as the EU embargo on its products takes effect. Output in Angola, Iraq, and Kazakhstan is expected to decline due to maintenance," the agency stated.

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