China will make up nearly 40% of the rise in global oil demand in 2023, Wood Mackenzie says
Publishing timestamp: 2023-03-23 04:07:23
Summary
Wood Mackenzie predicts that China will be the single biggest demand driver for oil as the global economy braces itself for a slowdown in the wake of interest rate hikes. The research firm expects China to make up roughly 40% of the world's recovery in demand for the commodity, with a return to normal mobility in China being the single biggest demand driver. The firm is optimistic about global growth this year, despite warnings from the World Bank and International Monetary Fund. While private consumption will be the leading factor for the surge in China's oil demand, Wood Mackenzie sees upside to its base case scenario if economic growth were to be industry-led instead.
Sentiment: NEUTRAL
Keywords: brent crude oil (dec'20), saudi arabia, asia economy, china, ice brent crude (apr'23), world economy, vladimir putin, business news, economic events,
Source: https://www.cnbc.com/2023/03/23/wood-mackenzie-chinas-oil-demand.html