Just last week, the International Energy Agency (IEA) said that global oil (CLU23) demand hit a record in June, and may rise even further. Demand reached an all-time high of 103 million barrels a day, driven by better-than-expected economic growth in developed countries, a strong summer air travel season, and surging oil consumption in China, particularly for petrochemical production.
The IEA said demand could hit another peak in August, and was on track to average 102.2 million barrels per day in 2023 - the highest-ever annual level. That means demand will have risen by 2.2 million barrels a day over the course of the year, with 70% of that growth coming from China.
