Global oil demand is expected to hit its highest-ever level this year on the back of China’s swift reopening of its economy
. Oil demand could surge by 1.9 million barrels per day to reach a record 101.7 million barrels per day, the International Energy Agency said in its latest monthly report, released Wednesday. “China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain,” the IEA said.
7% on Wednesday to hit $87 a barrel. Where prices could go next is unclear. The IEA said there was a “high degree of uncertainty” over its outlook. Despite an expected drop in supply from Russia, global oil inventories are at their highest levels since October 2021. A boom in demand for electric vehicles and countries’ efforts to become more energy efficient could also help temper demand, the agency said. “Measures like these are especially vital in a supply-constrained oil market,” it added.
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