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There Are Signs of Stronger China Rebound to Boost Oil, IEA Says
Published Feb 05, 2023 07:55AM ET
Updated Feb 05, 2023 08:27AM ET
© Bloomberg. A tanker truck travels towards a petrochemical production complex on the outskirts of Shanghai, China, on Tuesday, March 1, 2022. Oil extended its relentless rally before an OPEC+ meeting as the International Energy Agency warned that global energy security is under threat following Russia’s invasion of Ukraine. Photographer: Qilai Shen/Bloomberg
(Bloomberg) -- China’s economy could be poised for a stronger-than-anticipated rebound that’ll deliver a demand boost for oil and natural gas, according to the head of the International Energy Agency.
There are some “first indications” from China that growth will accelerate faster than previous expectations and deliver around half of a forecast 2 million barrels a day increase in global oil demand this year, IEA Executive Director Fatih Birol said in an interview.
“This may be even stronger if the Chinese economy advances stronger than we assume,” Birol said in Bengaluru, ahead of a three-day energy forum opening Monday. “Global oil and LNG demand will go upwards.”
Rising Chinese demand will have a pronounced impact on liquefied natural gas because volumes currently coming to market are among the lowest in history according to IEA data, Birol said.
Read more: China’s Growth Recovery Still Patchy Despite Better Outlook
Oil slumped to a third straight monthly loss in January amid concerns about rising US stockpiles and so-far softer China demand. There’s also been some caution over the pace of China’s recovery, with data showing weakness persisting among manufacturers and in sales of cars and homes.
The Organization of Petroleum Exporting Countries and its allies will remain “exceedingly cautious” about adding barrels to the oil market until there’s evidence of elevated demand, RBC Capital Markets LLC said in a note last week.
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