Oil demand set to grow with price spike possible - IEA

Oil-demand was forecast to grow with possible price rises on supply disruption, the International Energy Agency (IEA) said on Wednesday.

The IEA lifted its it 2022 production forecast by 140,000 barrels a day (bpd) to 2.3 million bpd.

A recovery in Chinese oil demand after a 400,000 bpd contraction in 2022, would lift global demand by 1.7 million bpd for a total of 101.6 million bpd, it added.

"As we move through the winter months and towards a tighter oil balance in Q2 2023, another price rally cannot be ruled out," the IEA said.

Reporting by Frank Prenesti for Sharecast.com