IEA expects surging oil demand from China this year, OPEC+ may need to boost output

International Energy Agency's Executive Director Fatih Birol spoke Sunday on the sidelines of the India Energy Week conference"

Via Reuters:

• "We expect about half of the growth in global oil demand this year will come from China"
• China's jet fuel demand is exploding, putting upward pressure on demand
• "If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their (output) policies"

Also said that:

• price caps on Russian oil have achieved the objectives of both stabilising oil markets and reducing Moscow's revenues from oil and gas exports

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Earlier oil related post along similar lines, also an item that should the price a tailwind when markets reopen today:

• Goldman Sachs says oil demand to outstrip supply later in 2023, a serious problem in 2024

eur EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term