IEA raises demand forecast for 2023

The International Energy Agency (IEA) has forecast global oil demand to grow by 2.2 million b/d, to an average 102 million b/d in 2023.

PHOTO: Aerial view of an oil refinery in Texas. Getty Images

This is an upward revision of 200,000 b/d from IEA’s oil market report last month.

According to IEA, China's economy has grown stronger than expected. The country imported a record 16 million b/d of oil in March.

“[China] The world’s second biggest oil user after the US will account for nearly 60% of global growth in 2023,” IEA said in its May Oil Market Report.

Meanwhile, oil demand is expected to exceed supply by almost 2 million b/d this year, leading to a tighter market in the second half of the year, said the Paris-based energy agency.

By Konica Bhatt

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