MOSCOW, May 16. /TASS/. Global oil supply in 2023 will increase by 1.2 mln barrels per day (bpd), led by the United States and Brazil. Oil supply from OPEC+ countries will decrease by 850,000 bpd from April to December, according to the report by the International Energy Agency (IEA).

At the same time, non-OPEC+ countries will increase their oil supply by 710,000 bpd. The IEA noted that global oil inventories declined by 7.9 mln barrels in March.

In addition, due to a sharp decline in commodity prices, industrial stocks of OECD countries fell to a six-month low of 2.753 mln barrels, which is 89 mln barrels below their five-year average.

At the same time, the IEA raised its forecast for global oil demand growth by 0.2 mln bpd amid record-breaking figures in China - to 2.2 mln bpd. Thus, demand is expected to reach record-breaking 102 mln bpd.