IEA Monthly Oil Market Report: oil demand is set to increase by 2.4mln BPD in 2023 to a record of 102.3mln BPD (vs. May view of 102mln BPD)
Important
SourceNewsquawk
SectionEnergy & Power
- An increasingly adverse macroeconomic climate will act as a headwind in 2024, and as the post-pandemic recovery will largely have run its course, oil demand growth is set to slow to 860k BPD.
- In May, world oil production fell by 660k BPD to 100.6mln BPD following additional cuts by some OPEC+ producers.
- Oil markets are struggling for direction as conflicting data points cloud the outlook.
- Bearish macroeconomic indicators and concerns over demand growth are clashing with resurgent oil use in key consuming countries.
Via IEA