noomcpk/Shutterstock Save for later Print Download Share LinkedIn Twitter Oil demand is growing more than thought in 2023, mostly based on iffy Chinese data, which erodes the reliability of the forecast alongside lingering worries over the wobbly global macro-economic picture. After upward revisions, it now seems China’s demand rebound has already happened, much of it backed by pent-up household demand in the wake of the country’s reopening last December. Despite a sizeable 881,000 barrel per day annual increase in May, to 14.38 million b/d, month-on-month data shows a slowdown, signaling that the re-opening momentum is now petering out.
