China’s Oil Demand Bounce May Push Producers to Reconsider Output, IEA Says – By Reuters (VOA News) / Feb 5, 2023
BANGALURU, INDIA — Oil producers may have to reconsider their output policies following a demand recovery in China, the world’s second-largest oil consumer, the International Energy Agency’s Executive Director Fatih Birol said Sunday.
Demand in China, the world’s largest crude importer and No. 2 buyer of liquefied natural gas, has become the biggest uncertain factor in global oil and gas markets in 2023 as investors bet on the speed of its recovery after Beijing lifted COVID restrictions in December.
“We expect about half of the growth in global oil demand this year will come from China,” Birol told Reuters on the sidelines of the India Energy Week conference.
He added that China’s jet fuel demand is exploding, putting upward pressure on demand.
