Global Oil Demand to Surpass Supply in Late 2023, Boosted by China's Rebound.
TL;DR
The International Energy Agency (IEA) predicts that the global oil market will shift from a surplus in the first half of 2023 to a deficit in the latter part of the year due to China's economic rebound driving global oil demand to a record high of 102 million barrels per day. Non-OPEC+ supply growth is expected to fall short in the second half of the year, and building stocks today will ease tensions when demand surges.
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