Global Oil Demand to Reach Record High in 2023 Despite Supply Shock and Production Cuts
TL;DR
The International Energy Agency (IEA) has predicted that global oil demand will reach a record high of 101.9 million barrels per day (bpd) this year, driven by resurgent Chinese consumption. Non-OECD countries, led by China, are set to account for nearly 90% of demand growth, while OECD demand has been underwhelming in recent months. The IEA has warned that supply could struggle to catch up with this growth, especially after the surprise OPEC+ cuts, which risk exacerbating a supply deficit expected later this year.
- IEA Sees Global Oil Demand Hitting Record High In 2023 OilPrice.com
- Oil markets could see a supply shock of 2 million barrels a day Markets Insider
- Oil gains after IEA sees demand rising to record high CNBC
- OPEC Sees Oil Demand Climbing, at Odds With Saudi-Led Production Cut The Wall Street Journal
- Crude oil edges higher after IEA forecast record demand this year By Investing.com Investing.com
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