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The International Energy Agency forecasts a grinding halt to demand for oil as the fourth quarter approaches, however, they believe that demand will steadily grow in 2023. They forecast a demand of 2.1 million bpd because of a foreseen leniency in China’s COVID lockdowns and increased air travel. While rich OECD countries accounted for most of the demand this year, the opening up of China’s economy is expected to maintain demand next year. If China is to reopen as expected, non-OECD countries are expected to cover three quarters of the gains in 2023.

Oil demand set to stop growing in fourth quarter as slowdown bites

The International Energy Agency forecasts a grinding halt to demand for oil as the fourth quarter approaches, however, they believe that demand will steadily grow in 2023. They forecast a demand of 2.1 million bpd because of a foreseen leniency in China’s COVID lockdowns and increased air travel. While rich OECD countries accounted for most of the demand this year, the opening up of China’s economy is expected to maintain demand next year. If China is to reopen as expected, non-OECD countries are expected to cover three quarters of the gains in 2023.

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