This year China is still headed for a contraction in oil demand of 400,000 barrels per day to 15.4 million bpd, the IEA added, before recovering by almost one million bpd in 2023
Global oil demand growth will slow next year but will still be at a robust 1.7 per cent as China recovers from COVID-related economic doldrums, the International Energy Agency said on Wednesday.
Russia’s output rose by 90,000 bpd in November to 11.2 million bpd, just 200,000 bpd below levels seen before Moscow sent troops into Ukraine. Brent oil prices stood at $81.57 a barrel at 1150 GMT on Wednesday, down from a high near $140 a barrel reached briefly in March.
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