IEA Raises Global Growth Forecast Due to Record Chinese Oil Demand

The International Energy Agency (IEA) has revised up its forecast for global oil demand growth by 200,000 barrels per day (bpd) to 2.2 million bpd this year, due to China's record oil consumption in March. The IEA also expects demand in developed economies to return to growth this quarter, but this will be overshadowed by an expected growth of 1.9 million bpd in non-OECD oil demand. The agency also noted that supply issues, including the halt of oil exports from Kurdistan, outages in Nigeria, and wildfires in Canada, will add to the new OPEC+ oil production cuts.