Nearly 50% of the 1.9mb/d increase in oil demand this year is to come from China after it lifted it’s Covid restrictions, according to the IEA.
Meanwhile, world oil supply growth in 2023 is set to slow to 1 mb/d following last year’s OPEC+ led growth of 4.7 mb/d.
Our analysis on the return of high oil demand and what it means for the energy transition: