BP PLC Chief Economist Spencer Dale predicted on Tuesday that the global oil market will likely tighten in the second half of 2023 as a reaction to the Organization of Petroleum Exporting Countries and its partners' (OPEC+) decision to cut production further, Ednews informs.
Speaking at a press conference at India Habitat Centre in New Delhi, Dale added the tightening could also come in response to a potential growing demand in China as its economy continues to rebound.
In January, BP projected the demand for energy will peak between the late 2020s and 2035 when it should reach approximately 93 million barrels per day (bpd).