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.