| Rex International and RH Petrogas are two oil producers listed on the Singapore Exchange. They would be beneficiaries of a forecast rise in oil prices going into 2H2023 and 2024 on higher demand and supply shortage. 
China, the world's top oil importer, is the key driver of the growth. It is set to account for nearly 60% of global demand growth in 2023, offsetting, along with India and the Middle East, sluggish demand in developed countries, says the agency.
"The current market pessimism, however, stands in stark contrast to the tighter market balances we anticipate in the second half of the year, when demand is expected to eclipse supply by almost 2 million barrels per day (bpd)," says IEA. |
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References: • The 2023 Oil Demand Conundrum |