Global oil markets are exceeding expectations in 2023 as China’s thirsty petrochemical sector and strong US output trumps wider economic fears and concerns about war in the Middle East, said the International Energy Agency.
The IEA upgraded its forecast for oil demand growth in 2023 to 2.4m barrels per day to reach a record 102m bpd, based on strong demand from China, the world’s largest importer.
