The International Energy Agency (IEA) forecasts global demand for oil will rise above prepandemic levels in 2023 while oil supply growth continues to lag due to constraints such as production limitations.
Much of the growth in demand next year will be driven by China, as it emerges from stop-start Covid-19 lockdowns, while developed economies are expected to contend with a worsening economic outlook and rampant inflation…
U.S. oil producers are expected to underpin supply increases next year, while members of the Organization of the Petroleum Exporting Countries are seen continuing to struggle to meet their output targets…
Demand for crude will rise by 2.2 million barrels a day to 101.6 million barrels a day in 2023, putting it above its 2019 levels…
Developed nations in Europe and North America contributed most to rebounding demand in 2022, but less developed economies that aren’t members of the Organization for Economic Cooperation and Development will make up 80% of oil demand growth in 2022, the IEA said.
China… is expected to see oil demand grow by 930,000 barrels a day in 2023, helping to re-establish its “position as the primary engine of global oil-demand growth,” the IEA said. Meanwhile, a rebound in international travel next year will see jet fuel demand jump by 990,000 barrels a day in 2023, it said.
Oil producers, however, are expected to struggle to keep up with the rapid pace of rebounding oil demand. The IEA expects global oil supplies to rise by 1.3 million barrels a day to 101.1 million barrels a day in 2023, leaving a 500,000 barrel-a-day deficit…
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