China will make up nearly half of this year's oil demand growth after it relaxed its COVID-19 curbs, the International Energy Agency (IEA) said on Wednesday, but restrained OPEC+ production could mean a supply deficit in the second half.
"Supply from OPEC+ is projected to contract with Russia pressured by sanctions," the Paris-based agency said in its monthly oil report.
"World oil supply looks set to exceed demand through the first half of 2023, but the balance could quickly shift to deficit as demand recovers and some Russian output is shut in."The IEA sees oil demand rising by 2 million barrels per day in 2023, with China making up 900,000 bpd.With air travel ramping up as the pandemic continues to ease, jet fuel is set to form a central plank in the global demand rebound, the IEA added.
The IEA projections are just short of a forecast of 2.3 million bpd growth in a Tuesday report by the Organization of the Petroleum Exporting Countries which with allies such as Russia make up the OPEC+ group.
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