- Global oil demand set to rise by 2 mil bpd this year
- China to account for roughly 900k bpd of said demand growth
- World oil supply to exceed demand through 1H 2023
- But supply-demand balance could quickly shift to deficit as demand recovers
IEA also adds that restrained OPEC+ production could mean a supply deficit coming as soon as the second-half of the year comes along, with the recovery in demand conditions also playing a role in that.
