IEA Monthly Oil Market Report: oil demand is set to increase by 2.2mln BPD in 2023 to reach a record 102.1mln BPD (vs. June view of 102.3mln BPD)
- Persistent macroeconomic headwinds, apparent in a deepening manufacturing slump, have led the IEA to revise its 2023 growth estimate lower for the first time this year, by 220k BPD.
- China is to account for 70% of global oil demand gains. China’s widely anticipated reopening has so far failed to extend beyond travel and services.
- Russian oil exports fell 600K BPD to 7.3mln BPD in June, their lowest since March 2021.
- Growth will slow to 1.1mln BPD in 2024, as the recovery loses momentum and as ever-greater vehicle fleet electrification and efficiency measures take hold.
- Lower production from Saudi Arabia and core OPEC+ members since production cuts were first implemented last November has so far been offset by higher output from other producers.
Via IEA
13 Jul 2023 - 09:00- EnergyImportant- Source: IEA
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