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IEA Sees World Oil Supply Struggling to Meet Demand in 2023

  • Consumption growth to accelerate as China exits lockdowns
  • Fuel consumers face more pain amid refining capacity shortage
Bloomberg business news
WATCH: Oil supplies will struggle to meet demand in 2023, according to IEA’s Toril Bosoni.Source: Bloomberg
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Global oil supply will struggle to meet rising demand next year, meaning consumers will continue to face tight fuel markets, the International Energy Agency said in its first assessment of 2023.

A resurgent Chinese economy will bolster consumption, while tighter sanctions on Russia will curtail oil output, the agency forecast in its latest monthly report. The OPEC+ coalition of producers would need to deplete its spare production capacity to historically low levels to satisfy demand, it said.