Oil’s Path to 2023 Peak Faces a Barrier in Beijing
The market’s main obstacle may be what was once its biggest catalyst: China’s economy.
A Cnooc Ltd. filling station in Shanghai. Analysts warn that the nation’s fuel consumption may have already peaked for this year.
Photographer: Raul Ariano/BloombergWelcome to Energy Daily, our guide to the energy and commodities powering the global economy. Today, OPEC Reporter Grant Smith examines China’s role in determining whether oil prices reach predicted peaks. To learn more about Sweden’s plans to build a wood city, read this. To get this newsletter in your inbox, sign up here.
Oil prices are approaching this year’s highs as demand hits new records and supplies tighten. But the market’s main obstacle may be what was once its biggest catalyst: China.