“So the overall picture for growth in China is one of a slowing economy and that is consistent with the forecast we had in April,” IMF spokeswoman Julie Kozack told a regular briefing, adding that the Fund was observing “subdued” inflation in China.
And OPEC is confident
The Organization of the Petroleum Exporting Countries (OPEC) is relying on a rebound in the Chinese economy to boost oil demand in the second half of 2023 and into 2024, according to the latest OPEC monthly report published on Thursday.
“By 2024, global oil demand is expected to increase by 2.2 million barrels per day (mbd) to reach approximately 104.25 mbd,” says OPEC, which revises its forecasts every month.
Non-OECD countries should be the engines of that growth, according to the poster, which mentions China, as well as countries in the Middle East, Asia, Latin America and Africa.
For 2023, OPEC maintains its global demand growth forecast, revised very slightly upwards, which should reach 102 mbd, compared to the 101.9 mbd estimate last month.
For its part, the International Energy Agency (IEA) estimates that global oil demand should reach 102.1 mbd in 2023, a record despite a downward revision due to the global economic slowdown.
On the supply side, OPEC expects an increase of 1.4 mbd in 2024.
The OPEC+ countries (the Organization of the Petroleum Exporting Countries and its allies) recently announced production cuts to support prices.
With information from Reuters and AFP