China's COVID-19 reopening set to push 2023 oil demand to new high: IEA
The Hindu
Two wild cards dominate the 2023 oil market outlook - Russia and China, says agency; adds price cap sanctions on Russia may dent supply
The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency (IEA) said on Wednesday, while price cap sanctions on Russia could dent supply.
"Two wild cards dominate the 2023 oil market outlook: Russia and China," the Paris-based energy watchdog said in its monthly oil report.
"Russian supply slows under the full impact of sanctions (while) China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain."
Weak industrial activity and mild weather helped cut oil demand by nearly a million barrels per day in the OECD developed countries in the last quarter of 2022.
But despite possible but likely mild recessions in Europe and the United States, China's expected reopening is set to fuel rebounds in nearby Asian economies and see it take the lead from India as the world’s leader in oil demand growth.
"The preeminent driver of 2023 GDP and oil demand growth will be the timing and pace of China’s post-lockdown recovery," the IEA said.
Meanwhile the main growth in oil supply is set to come from the United States as output from the OPEC+ producer group will decline by 870,000 barrels per day (bpd), led by Russia.
Stock markets rebound after early losses, with Sensex and Nifty rising amid global bullish trends despite notable laggards.
The rupee declines 14 paise to 92.42 against the dollar amid rising crude prices and foreign fund withdrawals.
Dell’s total workforce declined by about 10%, or 11,000 employees, in fiscal 2026, it said on Monday
Nvidia chief Jensen Huang on Monday said the leading artificial intelligence chip maker is heading for space with a goal of powering orbiting data centres.
Meta Platforms shares rose nearly 3% on Monday after a Reuters report that the social media giant plans to lay off 20% or more of its workforce to offset heavy spending
Wholesale price inflation hits 11-month high at 2.13%, driven by rising crude prices and increased costs across various sectors.
Kerala's wellness sector faces uncertainty due to the West Asian crisis, impacting tourism and threatening economic stability.
Experts link Punjab's distress migration to economic stagnation and job mismatches, highlighting systemic failures in political leadership.
India's merchandise exports remain flat in February, with Commerce Secretary warning of a potential dip in March due to trade constraints.
Hard Rock International closes 10 outlets in India, including three cafes in Bengaluru, while Goa hotel remains open.
The booming market for artificial intelligence servers brought Taiwan's Foxconn a 24 percent jump in annual net profit, the company said
In a statement on its website, Adobe said it has in recent years streamlined its sign-up and cancellation processes and made them more transparent.
Stock markets recover as Sensex and Nifty bounce back following a three-day slump, driven by value-buying in blue-chip stocks.