IEA Monthly Oil Market Report: oil demand is set to increase by 2.2mln BPD in 2023 to a record of 102mln BPD (vs. April view of 101.9mln BPD)
Important
SourceNewsquawk
SectionEnergy & Power
- Current market pessimism stands in stark contrast to the tighter market balances anticipated in H2.
- In April, Russian oil exports reached a post-invasion high of 8.3mln BPD. IEA estimates, Moscow did not deliver its announced 500k BPD supply cut in full. Indeed, Russia may be boosting volumes to make up for lost revenue.
- From April through December, OPEC+ oil supply is set to fall by 850k BPD, while non-OPEC+ to rise by 710k BPD.
- For 2023 as a whole, global oil supply is to expand by 1.2mln BPD, led by the United States and Brazil.
- Significant outages in Iraq, Nigeria and Brazil were only partly offset by increases elsewhere, with global oil supply down by 230k BPD to 101.1mln BPD in April.
Via IEA