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IEA warns latest oil price drop is running against backdrop of a supply crunch in 2H 2023

Global oil demand set to rise by 2.2 mil bpd in 2023 to a record 102 mil bpdCurrent market pessimism stands in stark contrast to tighter market balances in 2H 2023That is when we expect demand to exceed supply by almost 2 mil bpdChina will account for nearly 60% of global oil demand growth this yearChina's demand recovery has surpassed expectations, reaching a record 16 mil bpd in MarchThe above fundamental outlook is still being retained and is one reason to stay bullish on oil in the months ah... Read More

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Posted: May 16 2023, 08:04

Author Name: forexlive

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