Oil market to tighten with China demand and OPEC+ cuts, says IEA – Reuters
- Date: 11-Jul-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil market to tighten with China demand and OPEC+ cuts, says IEA – Reuters
LONDON, July 10 (Reuters) - Oil demand from China and developing countries, combined with OPEC+ supply cuts, is likely to keep the market tight in the second half of the year despite a sluggish global economy, the head of the International Energy Agency (IEA) said on Monday.
"Even in sluggish economic growth, China and other developing countries' demand is strong," IEA chief Fatih Birol told Reuters.
"Taken together with the production cuts coming from key producing countries, we still believe that we may see tightness in the market in the second half of this year."
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