IEA: Global Oil Supply May Struggle Keeping Pace with Demand in 2023

According to the latest oil market report from the International Energy Agency (IEA), global oil supply may struggle to keep pace with demand next year. While higher prices and a weaker economic outlook are currently moderating consumption increases, a resurgent China and the effects of Russian sanctions will drive demand acceleration next year. In it's June monthly oil report, the IEA predicts that global demand gains will expand by 2.2 mb/d next year, reaching 101.6 mb/d in 2023 and surpassing pre-pandemic levels.