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

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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.
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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.