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IEA Reduce Global Oil Demand Forecast on Deteriorating Economy

OIL

IEA see a slowdown in global oil demand due to the relentless deterioration of the economy and higher prices according to their latest Oil Market Report.

  • Demand growth has been reduced by 60kbpd in 2022 to 1.9mbpd and by 470kbpd in 2023 to 1.7mbpd. World oil demand is now forecast to average 101.3 mb/d in 2023.
  • Supply growth is forecast to decelerate markedly, to 170kbpd from Q3 22 to Q4 22 following the OPEC+ decision to cut production targets from November. Global oil supply in 2022 is forecast to fall by 200kbpd to 99.9mbpd.
  • The forecast for refinery runs has been revised down by 340kbpd in Q4 22 and by 720kbpd in 2023. Runs are now expected to increase by 2.2mbpd in 2022 and 1.2mbpd next year.

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