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IEA Forecasts Tight Oil Market H2 2023

OIL

The global oil market could see tightness in the second half of 2023, which would push oil prices higher according to Fatih Birol, director of the IEA.

  • Europe was particularly susceptible to declines in Russian supply, but a milder winter helped avoid a worst-case scenario this year, Birol said. However, next winter is expected to be challenging for the region in terms of energy supplies.
  • Birol added that Europe should be able to do without Russian liquefied natural gas.
  • Global fossil fuel consumption could peak before the late-2020's he said.

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