Image

CHINA TO BOOST GLOBAL OIL DEMAND

China is set to record a global oil boost demand due to the lifting of COVID restrictions.

According to the International Energy Agency, Russia and China are the two wild cards to dominate the 2023 oil market outlook.

They added, China will drive nearly half this global demand growth even as reopening remains uncertain.

China’s expected reopening is set to fuel rebounds in nearby Asian communities and take the lead as the world’s leader in oil demand growth.

However, weak industrial activity and mild weather accustomed to cutting nearly a million barrels of oil per day in the Organization for Economic Co-operation and Development in the last quarter of 2022.

Related Posts

Agboola advocates stronger cross-border infrastructure

Flutterwave CEO and Founder, Olugbenga “GB” Agboola , has called for accelerated investment in Africa’s cross-border payment infrastructure…

Munga increases stake in Equity Group by over $1.2m

Equity Group founder, Peter Munga, has made a strong return to the lender’s shareholder register, purchasing 3.64 million…

Nigerian Breweries gains N383bn revenue in Q1 2025

Nigerian Breweries Plc (NB) has posted a strong financial turnaround, recording a 69 per cent increase in net…

IHS Brazil expands Amazon coffee initiative

IHS Brazil has planted approximately 20,000 new seedlings across 10 hectares as part of its ongoing support for…