Demand: China's Oil Thirst Recaptures Growth Narrative

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China’s demand has regained center stage and the pace of its re-opening and recovery will be key to global demand growth in 2023. The country contributes 650,000 barrels per day of the expected 1.6 million b/d annual increase in demand, unchanged from last month. This assumes its recovery happens without major hiccups. Combined with 350,000 b/d of incremental product consumption from India, both countries will contribute nearly two-thirds of annual demand growth this year. Non-OECD is again the front runner in incremental product consumption, after losing that title to the OECD during nearly three years of Covid-19 disruptions and aftermath.

Oil Demand, Oil Forecasts, Oil Products, Crude Oil
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