As a consequence, world consumption will increase by two million barrels per day this year to an average of 101.9 million per day, says a report presented by the IEA.

The reopening of the Chinese economy after years blocked as a result of the Covid-19 pandemic, will favor the momentum of the world economy, said the international organization.

According to the source, the demand for crude oil in the Asian country will increase by 900,000 barrels in one day this year after a record contraction in 2022, and will reach 15.9 million barrels per day.

The country is ready to resume its established role as the main driver of oil demand growth, the Agency explained.

However, he pointed out, world markets for this hydrocarbon will probably continue with a surplus in the first half of the year due to surprisingly solid production from Russia.

Oil started the year shakyly at around $85 a barrel in London as traders assess whether China can successfully resume financial activity without triggering another wave of virus cases.

It looks like global oil supply will exceed demand during the first half of 2023, but the balance could quickly shift into deficit as demand picks up and Russian production declines, the leading economies advisory organization said.

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