The International Energy Agency (IEA) said that from time to time, the Chinese economy is facing the sealing control of the crown disease, which has weakened China's oil demand. Its impact exceeds the strong impact of crude oil demand in other parts of the world, and will increase the growth of oil demand this year.
According to the Wall Street Journal, IEA in the report released on Wednesday (September 14), which reduced the expectations of China's oil demand this year to 400,000 barrels to 15 million barrels per day, thanLast year, 420,000 barrels were reduced daily.This headquarters in Paris has reduced the demand in 2023 to reduce 300,000 barrels per day, but it is still expected that as the epidemic restrictions are relaxed, demand will rise to 16 million barrels per day.
China is the second largest economy in the world in terms of oil demand.In other countries, despite high inflation, rising interest rates, and slowing economic growth, the demand for oil is still unexpectedly strong.IEA said that the demand for oil in the United States is stronger than expected, and the demand in the Middle East is also very strong. The hot temperature prompts the demand for oil power generation than the average level.
At the same time, in Europe, as Russia stopped the natural gas supply through the Beixi pipeline, the price of natural gas soared. As the power plant turns to the cheaper energy source, the increase in oil demand exceeds expectations.IEA said that in the six months as of March 2023, this trend should increase the daily oil demand by 700,000 barrels, which is about 150,000 barrels higher than the expected daily demand in the report of last month.Essence
It is reported that most countries have completely canceled the travel restrictions during the epidemic period, and China continues to implement the "dynamic clearing zero" epidemic prevention policy. Once a new case occurs, strict control is adopted, which weakens economic growth, which has weakened economic growthAnd oil demand.IEA said that the demand for oil in China is the most affected by blocking and controlling, and the prediction of daily oil demand in China has been reduced by 890,000 barrels.
Nevertheless, IEA said that the weak demand in China is being offset by strong demand elsewhere, and its impact on global oil balance should be limited.The agency has slightly reduced the global daily oil demand growth in 2022 to a slightly reduced by 100,000 barrels until 2 million barrels per day.IEA is expected to have a total daily demand of 99.7 million barrels this year, which is consistent with the expectations of last month.
The agency will maintain the growth of oil demand in 2023 in 2.1 million barrels per day, and the expectations of total demand will remain unchanged, which is 101.8 billion barrels per day.
worry about economic growth and weak oil demand has been dragging down oil prices in recent months.Brent crude oil, as the international oil price benchmark, has fallen 25%in the past three months.
IEA said that the decline in oil prices is also weakening Russia's oil export revenue. The country's revenue in August decreased by $ 1.1 billion to $ 17.7 billion.Earlier this year, the soaring oil price increased Russia's oil income significantly. Although the country's export volume decreased, this situation was worried that Western sanctions did not produce expected results, that is, weakening the funds used by Russia for Ukraine War,Essence
