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Global Energy Markets To Be Tighter In 2023 Amid Russian Supply, Chinese Demand

OIL

Global energy markets are expected to be tighter this year amid recovering Chinese demand and lower supply from Russia, IEA chief Fatih Birol said.

  • "I wouldn't be too relaxed about the markets and 2023 may well be a year where we see tighter markets than some colleagues may think," Birol said.
  • In contrast, two Gulf OPEC+ producers, UAE energy minister Suhail al-Mazrouei and Saudi Aramco chief Amin Nasser, have said this week they see oil markets as balanced.
  • Even though there is currently no tightness in the market, there are uncertainties to watch out for, namely Chinese demand and Russian supplies, he added.
  • "If the Chinese economy rebounds this year, which many financial institutions expect, then we may see demand to be very strong and put pressure on the markets," he said.
  • "Looking a bit longer term, I believe Russia's oil industry will face huge challenges", he said.
Energy BulletsCommodities
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