Forecast calls for a strong recovery in crude oil demand – Canadian Investor

Forecast calls for a strong recovery in crude oil demand CanadiansInvest

The dynamics around energy markets are changing fast.

Chinese demand is only bound to grow, according to reports. Reuters reported that Chinese crude demand had already jumped by nearly one million barrels per day in November. And, said the Paris-based OECD energy watchdog International Energy Agency on Wednesday, China’s emergence from COVID-19 restrictions should bring global demand to a record high this year. The day before, the Organization of Petroleum Exporting Countries also forecasted a rebound in Chinese crude demand this year.

According to OPEC, global oil demand, based on the global economy’s growth prospects, was set to rise by 2.2 million barrels per day to an average of 101.77 million bpd in 2023. OPEC projected the Chinese demand to grow by 510,000 bpd in 2023. Last year, the country’s crude consumption posted its first contraction in years due to the COVID containment measures.

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