International energy: China leads the projected growth in energy in 2023

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On Wednesday, the International Energy Agency raised its expectations for the growth of global oil demand in 2023 by 200,000 barrels per day, compared to estimates it published last month, recording 2 million barrels, supported by Chinese demand, which contributes 45 percent of the growth in demand.

The Paris-based agency said in its monthly report on Wednesday that China “will resume its solid role as a major engine of global oil demand growth” this year.

The agency expected Chinese demand to grow by 900 thousand barrels per day compared to the previous year, which represents 45 percent of the total increase in global demand.

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The agency estimated that global oil demand would reach about 101.9 million barrels per day in the current year, including a growth of 2 million barrels per day, compared to about 100 million barrels per day in 2022.

The report expected the use of jet fuel to recover to about 90 percent of 2019 levels before the “Covid-19” pandemic.

He stated that it would take several months for China to remove strict COVID-19 related lockdown measures, anticipating that re-imposition of some restrictions might be required during the reopening process.

With regard to Russia, the report indicated that exports last month amounted to 8.2 million barrels per day, close to their highest level ever.

The agency expected that Russian production in 2023 would reach about 10 million barrels per day, down by 1.1 million barrels per day from 2022.