World oil demand to hit record as China reopens: IEA

PARIS: World oil demand is set to hit a record in 2023 as top consumer China emerges from Covid restrictions and air travel recovers from the pandemic, the International Energy Agency said Wednesday.

Demand is expected to reach 101.9 million barrels per day on average in 2023, an increase of two million barrels per day from last year, the IEA said in its monthly oil market report.

It would be up 1.4 million barrels a day from the pre-pandemic level in 2019 as consumption of fossil fuels behind global warming has yet to peak. Independent energy research firm Rystad puts the turning point at no earlier than 2025.