MOSCOW, March 15. /TASS/. The global oil market will be in surplus in the first half of 2023, despite the reduction in oil production in Russia in March, according to the outlook contained in the report of the International Energy Agency (IEA).
The agency forecasts that a build-up in crude stocks will ease tensions, but the market will face a shortage in the second half of the year, when China is expected to push global oil demand to record highs.
Global oil demand is expected to grow by 2 million barrels per day in 2023, to a record 102 million barrels per day, while global oil supply in 2023 will grow by 1.6 million barrels per day, driven by countries that are not members of OPEC+, the report notes.