The global demand for oil is expected to reach an all-time high of 102.3 million barrels per day in 2023, surpassing pre-pandemic levels. This surge is primarily driven by robust economic growth in China and India, alongside a steady increase in consumption from Western economies. Despite this rising demand, the overall supply outlook remains uncertain due to ongoing geopolitical tensions and production cuts by OPEC+ nations. Oil prices are therefore projected to remain elevated throughout the year, impacting global inflation and economic stability.
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