China’s oil demand reached a record high in September, and global oil demand will rise more than expected this year, the International Energy Agency (IEA) predicted on the 14th (local time).
The IEA in Paris, France, said in its November oil market report that oil demand in China, the world’s second-largest economy, hit another record high of 17.1 million barrels per day (bpd) in September.
As a result, the IEA predicted that global oil demand will reach 102 million barrels per day this year. It is expected that China will account for 1.8 million barrels of the increase of 2.4 million barrels per day.
The IEA predicted that next year’s oil demand growth will be 930,000 barrels per day, slower than this year, but overall oil demand will hit a record high of 102.9 million barrels per day.
Global oil supply growth also exceeded expectations along with demand
Global oil production rose 320,000 barrels per day to 102 million barrels per day last month.
Growth in the U.S. and Brazil is expected to exceed forecasts, with average global supply expected to hit 101.8 million barrels per day this year.
The IEA predicted that these non-OPEC+ oil-producing countries will lead the overall growth next year.
Fortunately, the war between Israel and the Palestinian militant Hamas, which began early last month, was found to have had no significant impact on global oil supply flows.
However, the IEA said, “As demand is exceeding supply as the northern hemisphere enters winter, market equilibrium will be vulnerable to increased economic and geopolitical risks and increased volatility in the future.”
