In its latest report on the oil market, published on Wednesday, the International Energy Agency (IEA) points out that China will account for half of the growth in oil demand in 2023 due to the reopening after COVID-19.
Additional comments
Global refinery activity was flat in December, while in the US it slowed due to weather-related disruptions.
Global oil stocks increased by 79.1 million barrels month-on-month in November, hitting the highest level since October 2021.
Global oil supply growth in 2023 is projected to slow up to 1 million barrels per day, due to the decline in Russian exports.
Russian diesel exports soared to a multi-year high of 1.2 million bpd before the February sanctions on them.
Russian oil exports fell by 200,000 bpd mom in Decemberup to 7.8 million bpd, due to the new sanctions that limit prices.
OECD oil demand fell by 900,000 bpd in the fourth quarter of 2022 on weak industrial activity and mild weather.
Global oil demand will increase by 1.9 million bpd in 2023, to a record 101.7 million bpd.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
