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IEA expects oil demand to rise to record 101.7 mln bpd in 2023

It is reported that global oil supply in 2023 will slow down to 1 mln bpd, while the oil supply from OPEC+ countries will decrease by 870,000 bpd due to the expected decline in production in Russia

MOSCOW, January 18. /TASS/. The International Energy Agency (IEA) has raised its forecast for global oil demand growth in 2023 by 200,000 barrels per day (bpd) to 1.9 mln bpd, according to the IEA report. Thus, demand can reach a record-breaking 101.7 mln bpd.

According to the agency, almost half of the projected increase in oil demand will be provided by China, which removes covid restrictions.

A month ago, the IEA expected to see an increase in oil demand in 2023 by 1.7 mln bpd.

According to the agency's forecast, global oil supply in 2023 will slow down to 1 mln bpd, while the oil supply from OPEC+ countries will decrease by 870,000 bpd due to the expected decline in production in Russia. At the same time, non-OPEC+ countries will increase their oil supply by 1.9 mln bpd this year. The IEA expects the United States to lead in terms of production growth. In addition, oil production in Canada, Brazil, and Guyana will increase.

Crude oil and petroleum product inventories in the Organization for Economic Cooperation and Development (OECD) countries stood at 2.765 bln barrels in November 2022 (+14 mln barrels compared to October and +37.1 mln barrels compared to November 2021). However, this figure is still 125.9 mln barrels below the average of the last five years.

The IEA also noted that global oil inventories rose by 79.1 mln barrels in November, reaching the highest level since October 2021.

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