LONDON, Jan 18 (Reuters) – Global oil demand is set to be boosted to a new record this year by the lifting of COVID-19 restrictions in China, while price cap restrictions on Russia cut supplies, the International Energy Agency said on Wednesday. There may be a shortage.
“Two wild cards dominate the 2023 oil market outlook: Russia and China,” the Paris-based energy watchdog said in its monthly oil report.
“Russian supplies slow under the full impact of sanctions (while) China will account for about half of this global demand growth, even though the size and pace of its reopening remain uncertain.”
Reporting by Noah Browning; Editing by Jason Neely
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