Global oil consumption is on track to hit a new record this year, according to the International Energy Agency (IEA).
Supply is failing to keep up with demand as China's industrial activity rebounds.
Global oil demand is set to hit a record of 101.9 million barrels per day in 2023, according to the IEA.
- Daily Chinese oil consumption is on track to reach an all-time high of 16 million barrels, according to consultants interviewed by Bloomberg.
- Oil prices may reach $100 a barrel by the fourth quarter of 2023, according to Jeff Currie, head of commodities research at Goldman Sachs.
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- Beijing's decision to lift its strict measures to control COVID-19 boosted economic activity and international travel in Asia, which is expected to lead to higher global oil demand.
- An ongoing decline in U.S. shale oil production, Western sanctions on waterborne Russian oil imports, and OPEC's decision not to raise production levels will constrain the global oil supply.
