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
Analysis details (09:00)
- As a reminder, yesterday's OPEC MOMR saw world oil demand growth for 2023 revised up by 100k BPD whilst the EIA STEO last week upped its forecast by 60k BPD.
15 Feb 2023 - 09:00- Important- Source: Newswires
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