The International Energy Agency said that world oil demand will increase by more than 2% in 2023, reaching a record level of 101.6 million barrels per day (bpd).
The Paris-based IEA also said in its monthly report that supply was restricted due to the sanctions imposed by Russia over its invasion of Ukraine. “Economic fears remain as various international institutions have recently reflected negative outlooks,” the IEA said.
It predicts that in 2023, demand will increase by 2.2 million barrels per day, or 2.2%, compared to 2022 and exceed pre-pandemic levels. Developed economies in the Organization for Economic Co-operation and Development (OECD) will be responsible for the most demand growth in 2022. China will lead the gains in 2023 as it emerges from the COVID-19 quarantines.