The world’s oil demand is set to rise by 2.2 million barrels per day (bpd) this year to a record 102 million bpd, the International Energy Agency (IEA) said on Tuesday, revising up its forecast by 200,000 bpd as China’s demand hit a record. The Chinese recovery continues to exceed expectations, the agency said in its Oil Market Report today, noting that China set an all-time record for its oil consumption in March 2023 at 16 million bpd. {chart} In last month’s report, the IEA also expected the world to see record demand for oil this year but pegged the growth at 2 million bpd in 2023 compared to last year. Demand in ... (full story)