IEA Monthly Oil Market Report: global oil demand is set to rise by 2mln BPD in 2023 to 101.9mln BPD (+200k BPD on the prior forecast)

• Global oil output is expected to increase 1.2mln BPD in 2023; driven by non-OPEC+ producers.
• Russian oil exports to the EU fell by 450k BPD in January.
• China is set to account for 900k BPD of 2023 oil demand growth following its reopening.
• Supply-demand balance could quickly shift to deficit as demand recovers and some Russian output is shut in.
• World oil supply looks set to exceed demand through H1 2023.

Via IEA