IEA raises 2023 global oil demand growth forecast by 100k BPD; raises 2024 forecast by 50k BPD; says oil market is less tight than expected as supply climbs
Important
SourceNewsquawk
SectionEnergy & Power
- With oil demand growth set to slow, the market could shift into a surplus at the start of 2024.
- Russia-Saudi oil cuts to keep the market in significant deficit through year end.
- Chinese oil demand rose to a record high of 17.1mln VPD in Sept.
- There has been no material impact on oil supply from the Israel-Hamas war.
- Russian oil exports eased by 70k BPD in Oct to 7.5mln BPD.