Oil drills

Global oil supply may struggle to keep pace with demand in 2023 as sanctions tighten on Russia, the International Energy Agency (IEA) warned in its latest monthly oil market report, issued today, June 15.

 

The IEA forecasts oil demand to grow next year by 2.2 million barrels per day (bpd) to 101.6 million barrels, compared to 1.8 million bpd in 2022.

 

With this year's growth underpinned by advanced economies’ recovery from COVID-19, China is expected to drive the gains in 2023, with Asia-Pacific as a whole accounting for three-quarters of the projected 2.2mn bpd increase.

 

Despite lower freight volumes, Russia's oil export revenue, according to the Paris-based energy watchdog, rose in May to nearly $20 billion, buoyed by higher global oil prices.

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