Oil won’t hit $60…30 Jan 2023 23:31
… the International Energy Agency has forecast global oil demand to rise to an all-time high of 101.7mn barrels a day this year on the back of China’s reopening , Chinese oil demand, which had fallen in 2022 for the first time since 1990, rose in November by 470,000 b/d compared with October, according to IEA data.
Jeff Currie, head of commodities research at Goldman Sachs, estimated in a recent note that China demand could add $5 to the price of oil, “with international travel potentially an additional tailwind”.