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IEA Raises 2023 Oil Demand Forecast To A Record 101.9MBPD

OIL

IEA increased its global oil demand forecast which is set to rise by 2mbpd in 2023 to 101.9mbpd as the reopening of China’s borders will boost air traffic according to the Monthly IEA Oil Market Report.

  • World oil supply growth is expected to grow 1.2mbpd in 2023, driven by non-OPEC+. Supply from OPEC+ is projected to contract with Russia pressured by sanctions.
  • Global refinery throughputs fell 730kbpd in January, with US activity still recovering from the outages during the Arctic freeze. A further decline is expected in February on scheduled maintenance.
  • Russian oil exports rose to 8.2mbpd in January, a 300kbpd month-on-month increase despite a further 450kbpd decline in shipments to the EU. Product loadings held steady at around 3.1mbpd.
  • North Sea Dated rose by $2.50/bbl month-on-month to $82.86/bbl in January, its first monthly increase since October, as economic sentiment marginally improved following China’s reopening.
Energy BulletsCommodities
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