China COVID-19 reopening set to push 2023 oil demand to new high -IEA – Reuters

LONDON, Jan 18 (Reuters) – The lifting of COVID-19 restrictions in China is set to boost global oil demand to a new record this year, the International Energy Agency said on Wednesday, while price cap sanctions on Russia could dent supply.

“Two wild cards dominate the 2023 oil market outlook: Russia and China,” the Paris-based energy watchdog said in its monthly oil report.

“Russian supply slows under the full impact of sanctions (while) China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain.”

Reporting by Noah Browning; editing by Jason Neely

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