IEA raises forecast for oil demand growth in 2022-2023
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The International Energy Agency (IEA) raised its forecast for global oil demand in 2022 by 140,000 barrels per day (bpd) to 2.3 million bpd. The forecast for 2023 has been raised by 100,000 b/d to 1.7 million b/d, the agency said in a December report. In general, supply on the world oil market, after five months of growth, decreased by 190,000 bpd to 101.7 million bpd.
According to report, the volume of exports from Russia in November increased by 270 thousand b / d, to 8.1 million b / d, which was the maximum since April. Last month, Russian crude oil loadings remained at the October level of 5.1 million b/d. Sales of Russian oil products increased by 200,000 bpd to 3 million bpd. At the same time, the IEA believes that Russia’s export revenue decreased by $0.7 billion, to $15.8 billion.
The IEA expects that in December Russia may reduce oil production by 400,000 b/d due to the embargo of the European Union (EU). By April 2023, production may fall by 1.8 million b/d compared to the level of February this year. At the end of 2023, the agency predicts a drop in liquid hydrocarbon production in the Russian Federation to 9.6 million bpd.
On December 5, the EU imposed an embargo on the transportation of Russian oil to third countries at a price above $60 per barrel. The G7 countries, as well as Australia and Norway, joined the restrictions. IEA predicted in the summer, there is a shortage of gas in Europe when Russia refuses to supply it. IEA Head Fatih Birol insistedthat the world needs Russian oil.
About the retaliatory measures being prepared in the Russian Federation – in the material “Kommersant” “Oil is not afraid of sanctions”.
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