Global oil demand set to reach record high as China reopens, IEA says

Financial Times/Tom Wilson/1-18-2023

artist rendering of oil platform in black and white“Global oil demand is set to rise to an all-time high in 2023 as China relaxes its Covid-19 restrictions in a move that may push crude prices higher in the second half of the year, according to the International Energy Agency.”

USAGOLD note: Should oil prices start higher, as some predict, it could bode well for the rest of the commodity complex, including precious metals, but undermine hoped-for restraint on monetary policy.

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