IEA head Birol: China is the biggest uncertainty in the global oil market

"China, if you ask me, is the area where there is the most uncertainty. It's easy to understand why. Chinese consumption for oil and gas fell in 2022, for the first time in 40 years.

China's economy is also starting to open up again this year. Additionally, rising oil prices will result from strong Chinese economic growth and high oil consumption in China," Birol stated in a Bloomberg TV interview.

He added that if China recovers actively, it might push up demand for oil by 800,000 to 900,000 barrels per day.

source: bloomberg.com