IEA Says Predicting Oil Demand to Hit Record High This Year on China’s Reopening

An oil tanker unloads imported crude oil at Qingdao port in China's eastern Shandong province on May 9, 2022. STR/AFP via Getty Images

The International Energy Agency (IEA) says it predicts that demand for oil could reach record levels this year, given mainland China’s reopening of its economy.

Demand for crude fell in the second half of 2022, as China’s ruling Chinese Communist Party (CCP) maintained its “zero-COVID” policy stance.