IEA raises 2023 world oil demand growth forecast on Chinese travel revival

Global oil demand is set to expand faster than expected this year to reach 102 million b/d, with the most recent Chinese mobility data showing the country’s economy continues to rebound from pandemic lows, the International Energy Agency said May 16. The IEA now expects global oil demand to grow by 2.2 million b/d year on year in 2023, some…