Global oil demand would be higher around 101.7 million b/d in 2023, according to the IEA
The International Energy Agency (IEA) forecasts a significant increase in global oil demand during the year 2023.
Indeed, the demand is expected to be around 101.7 million bpd, up 1.9 million bpd compared to previous estimates provided by the Agency.
According to an Agency report on the oil market published on Wednesday, January 18, 2023, “this improvement is, in large part, directly linked to the recent relaxation of zero Covid measures in China which has led to a significant increase in the energy consumption and demand.”
As far as supply is concerned, the IEA is counting on a slowdown in the growth of the latter. These prospects are consecutive to the geopolitical context involving Russia.
In December 2022, oil exports from Russia fell to 7.8 million bpd, a decrease of 200,000 bpd compared to November 2022, due to the embargo and the cap on the price of crude imposed by the West.
In its report, the International Energy Agency (IEA) informs that some large producers such as the United States, Canada and Brazil will support the world supply this year.
