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Oil Market To See Some Tightness in 2H23: IEA’s Birol

OIL

The global oil supply-demand balance will be tight in the second half of this year given OPEC+ output cuts and demand growth from China, IEA Executive Director Fatih Birol said.

  • “We are still seeing a rebound of oil demand after Covid…this year global oil demand will increase by more than 2mbpd and 60% will come from China only”, Birol said.
  • This year’s supply-demand balance is depended on the performance of the Chinese economy. If the Chinese economy will be stronger than assumed, demand will be even higher, which will, together with the OPEC+ cuts, lead to market tightness in the second half of this year, he added.

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