IEA says China to make up for nearly half of this year’s oil demand growth | Forexlive

• Global oil demand set to rise by 2 mil bpd this year
• China to account for roughly 900k bpd of said demand growth
• World oil supply to exceed demand through 1H 2023
• But supply-demand balance could quickly shift to deficit as demand recovers

IEA also adds that restrained OPEC+ production could mean a supply deficit coming as soon as the second-half of the year comes along, with the recovery in demand conditions also playing a role in that.