RE: COPL22 Jan 2023 17:29
Oil prices are set for a significant increase as global demand heads for record levels fuelled by the loosening of Covid restrictions in China. At the same time, Russian sanctions are about to start having an effect, creating a perfect environment for a tightening in the market.
This week the IEA, which compiles official government statistics from all OECD countries and several non-OECD members, predicted that demand this year will hit a record high of 101.7 million barrels a day. The agency said that half of the gains in demand will come from China, with the largest area of growth being jet fuels.