IEA insists on rising oil demand this year: expects 710,000 barrels per day increase in 1Q2023

OPEC post mortem

Link Securities | In a new monthly report, the International Energy Agency (IEA) has once again insisted on the growing demand for oil this year, driven mainly by increased demand from China, according to the newspaper

The IEA also indicates that there has been a decrease of half a million barrels per day in oil exports from Russia, which will begin to weigh on the supply surplus expected in the first part of 2023. According to the IEA, global oil demand growth is expected to accelerate sharply over the course of 2023, from 710,000 barrels per day in 1Q2023 to 2.6 million barrels per day in 4Q2023.

This increase in demand will be a consequence of the recovery of air traffic and the release of pent-up demand from China. In this sense, the IEA warns that, although oil supply is currently sufficient to supply the world, in 2H2023 “crude oil supply will fall short”.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.