Thursday, June 8, 2023

Everything the American Left does benefits China wittingly or unwittingly

The Single Most Important Factor For Oil Prices This Year

Tyler Durden's Photo
BY TYLER DURDEN
THURSDAY, JUN 08, 2023 - 08:00 AM

Authored by Tsvetana Paraskova via OilPrice.com,

  • According to the Executive Director of the IEA, the most important factor for oil prices this year will be China’s economy and its oil demand.

  • China is expected to account for 60% of global oil demand growth this year, which the IEA currently sees at more than 2 million bpd.

  • The IEA expects an oil supply deficit in the second half of this year and believes Saudi Arabia’s recent production cut will only add to upward pressure on oil prices.

China’s economy and oil demand will be the single most important driver of oil prices this year, even if OPEC+ manages to push prices upwards, according to Fatih Birol, the Executive Director of the International Energy Agency (IEA).



https://www.zerohedge.com/energy/single-most-important-factor-oil-prices-year


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