Oil demand hits a record while banks refuse to lend
Tom KirkmanIndependent Project Manager
Global oil demand this year is likely going break a new record of 102 million barrels per day.
Meanwhile, some banks are still refusing to lend to oil companies, and are vowing to not lend to midstream activities.
Kind of a weird supply / demand dynamic going there between oil customers and banks.
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“The oil market is set to swing from a comfortable supply overhang in the first half of 2023 to a deficit in the latter part of the year as the economic rebound in China will push global oil demand to a record high, the International Energy Agency (IEA) said on Wednesday.
World oil demand growth is set for a sharp acceleration over the course of this year, from an estimated increase of 710,000 barrels per day (bpd) in the first quarter to a growth of 2.6 million bpd in the fourth quarter of 2023, the IEA said in its Oil Market Report today.
Between Q1 2023 and Q4 2023, global oil demand is set to surge by 3.2 million bpd, taking average growth for the year to 2 million bpd.
Global oil demand is set to reach a record 102 million bpd this year, the agency said, leaving its projections from last month’s report largely unchanged. …”