Fears of a deep recession in Europe are easing, leaving the energy market “finely balanced” for 2023 as China also reopens its economy, the head of Australia’s largest oil and gas group said.
Meg O’Neil, chief executive of Woodside, said the outlook for the sector would depend on the strength of recovery in Europe and Chinese demand for gas after Beijing dismantled the zero-Covid curbs that hampered its economy.
Australian companies including BHP, Rio Tinto and Woodside are seen as good indicators for global demand given the significance of the country’s mining and energy exports to markets including China and Japan.
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