Record oil demand is expected in China and India in 2023
Record demand for oil and petroleum products is expected in China and India amid the lifting of anti-covid restrictions, Bloomberg reports, citing the opinion of interviewed experts.
The demand for oil on the Chinese market will increase to 800 thousand barrels per day in 2023, which will contribute to an increase in world prices for black gold. As a result, total oil demand in China will rise to a record 16 million b/d.
The start of accelerated consumption dynamics is expected to begin in the second quarter of the year, as the number of trips and, consequently, air travel is gradually recovering at this time.
At the end of last year, the International Energy Agency predicted an increase in global oil demand by 1.7 million b/d due to the resumption of industrial chains in India and China.
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