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IEA maintains forecast for global oil demand growth in 2023 by 2.2 mln bpd

More than 70% of demand growth will come from China

MOSCOW, August 11. /TASS/. The International Energy Agency (IEA) expects oil demand to increase by 2.2 mln barrels per day (bpd) in 2023, the organization said in an August report. That means that the forecast remained unchanged compared to the previous estimate.

The IEA expects that in absolute terms, global oil demand could reach 102.12 million bpd this year. More than 70% of demand growth will come from China. In 2024, the growth rate will slow down to 1 million bpd (-100,000 bpd compared to the previous forecast).

The agency also noted that in July the world oil supply decreased by 910,000 bpd, to 100.9 million bpd. Due to significant reduction in production in Saudi Arabia production in OPEC+ countries fell by 1.2 million bpd, while oil production in non-OPEC+ countries increased by 310,000 bpd.

Overall, the IEA predicts that global oil supply will grow by 1.5 million bpd in 2023, to a record 101.5 million bpd.