Hedge fund trader says that the oil demand may increase in 2023

Next year, according to hedge fund trader Pierre Andurand, world oil demand at a certain moment will grow by 4% if all anti-COVID restrictions are removed.

Trader tweeted that consumption doesn’t keep up with the long-term trends. Thanks to the transition from oil to gas, in 2023, it can rise by 3-4 million barrels per day. This year, his commodity fund increased by almost 50%.

At the beginning of this month, the cost of oil grew when the major global importer China abandoned the zero-COVID policy implemented to contain the epidemic. But the market reeled again due to fears that a change in China's policy would trigger a new outbreak.

Andurand said the growing popularity of electric cars will limit the increase in demand for oil. Electric cars are now displacing near 600,000 barrels a day.