IEA Raises World Oil Demand Forecast For 2023

FILE PHOTO: Oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port © Thomson Reuters  

OilPrice.com: The IEA Expects Global Oil Demand Hit A Record High In 2023 

* The InternationEnergy Agency has raised its forecast for global oil demand growth in 2023 by 100,000 bpd from last month. 

* The agency’s new forecast sees global oil demand increasing by 2 million barrels per day from 2022 levels. 

* China’s resurgent oil demand will account for nearly half the projected increases this year. 

Global oil demand is set to increase by 2 million barrels per day (bpd) this year, pushed up by growth in Chinese consumption after the reopening, the International Energy Agency (IEA) said on Wednesday as it raised its 2023 demand growth estimate by 100,000 bpd from last month’s forecast.

This year, world oil demand is set to average a record 101.9 million bpd, up by 2 million bpd from 2022, the IEA said in its closely-watched Oil Market Report today. 

The increase is 100,000 bpd higher than the 1.9 million bpd rise the agency expected at the time of the publishing of its January report.  

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WNU Editor: OPEC is also expecting higher global demand for oil this year .... OPEC expects tighter oil market with lower supply and higher demand (Bloomberg).

 IEA Raises World Oil Demand Forecast For 2023  

IEA Boosts Global Oil Demand Forecast as China's Economy Reopens -- Bloomberg 

Resurgent China to drive 2023 oil demand, supply shortfall possible in H2 -IEA -- Reuters  

World Oil Demand To Hit Record As China Reopens: IEA -- AFP

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