IEA Boosts Global Oil Demand Forecast as China’s Economy Reopens
- Consumption seen climbing by 2 million barrels a day this year
- Oil market may flip from a surplus to a deficit in second half
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The International Energy Agency boosted forecasts for global oil demand as China reopens its economy following years of anti-Covid lockdowns.
The agency raised global demand estimates by a hefty 500,000 barrels a day for the first quarter, and by just under half as much for the year as a whole. As a result, world consumption will climb by 2 million barrels a day this year to average 101.9 million a day, it said in a monthly report.