The IEA raised its demand estimate by 200,000 bpd, with the agency saying China will drive nearly half of global demand growth.
- Jan 18, 2023, 5:42 AM CST
Oil prices continued to rally early on Wednesday morning on IEA estimates that oil markets are set to tighten in 2023.China’s reopening is set to drive global oil demand to a record high of 101.7 million barrels per day this year, up by 1.9 million bpd from 2022, the International Energy Agency said on Wednesday, raising its demand growth estimate for 2023 by 200,000 bpd from 1.7 million bpd growth expected in December.
“An overall non-OPEC+ rise of 1.9 mb/d will be tempered by an OPEC+ drop of 870 kb/d due to expected declines in Russia,” the IEA said in the report.As a result, market balances are set to tighten as this year progresses, the agency noted.
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