CICC Raises Chinese Oil Demand Growth Forecast to 13.74 Million bbl/day

China International Capital Corporation Limited (CICC) released a research report saying that the growth rate forecast for China's oil demand in 2023 in the annual outlook is raised. It is expected that the apparent consumption in 2023 may reach 13.74 million bbl/day, up 6.2% year-on-year, which is about 800,000 bbl/day more than the demand in 2022. From the perspective of global fundamentals, CICC believes that the high growth of China's oil demand in 2023 may alleviate the demand pressure caused by the economic downturn in Europe and the US, but it may not promote structural shortages in the global market. Judging from the post-pandemic recovery of demand in Europe and the US, oil demand may temporarily enter a transition period of low-speed growth after completing the inherent high-growth recovery, waiting for the arrival of a high-growth stimulated by macro policies.