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IEA Raises 2023 Oil Demand Growth Forecast By 200kbpd To 2.2mbpd

OIL

IEA has raised its 2023 oil demand growth forecast by 200kbpd to 2.2mbpd, with Chinese demand growth surpassing expectations according to the IEA Monthly Oil Market Report.

  • Chinese oil demand is forecast to rise by a record of 1.3mbpd this year, accounting for around 60% of the total global growth. Chinese oil demand rose by a record of 16mbpd in March.
  • IEA’s global oil-supply forecast remains at the same level from last month’s report at 101.1mbpd.
  • Global oil production growth for this year remains stable on the month at 1.2mbpd, led by growth in the US and Brazil. This compares to a production growth of 4.6mbpd in 2022.
  • The voluntary output cuts, announced by OPEC+, will push OPEC+ supply down by 850kbpd between April-December.
  • Russia did not deliver its announced 500kbpd crude supply cut in full and the country’s crude oil exports hit a post-invasion high of 8.3mbpd in April, up from 8.1mbpd in March.
  • Brent JUL 23 up 0.6% at 75.7$/bbl
  • WTI JUN 23 up 0.6% at 71.53$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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