OilPrice.com
- IEA expects crude demand to reach 101.6 million bpd in 2023.
- IEA: Next year, global oil supply may struggle to catch up with demand.
- IEA expects tighter sanctions force Russia to shut in more wells and a number of producers bump up against capacity constraints.
Oil demand growth is set to accelerate next year, with global demand averaging a record 101.6 million barrels per day (bpd) and exceeding pre-COVID levels, the International Energy Agency (IEA) said on Wednesday in its first outlook for 2023.
âWhile higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will drive gains next year, with growth accelerating from 1.8 mb/d in 2022 to 2.2 mb/d in 2023,â the IEA said in its closely-watched Oil Market Report for June published today.
Next year, global oil supply may struggle to catch up with demand, the agency said, as sanctions on Russia would curtail more supply when they officially enter into force at the end of this year.
âGlobal oil supply may struggle to keep pace with demand next year, as tighter sanctions force Russia to shut in more wells and a number of producers bump up against capacity constraints,â the IEA said.
