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Oil Prices May Rally Next Year as Russian Exports Sink, IEA Says

  • Oil-demand growth in 2023 boosted to 1.7 million barrels a day
  • Russian output to fall 14% despite defying predictions so far
Bloomberg business news
Oil Having Massive Year-end Liquidation Event: Energy Aspects' Sen

Oil prices could rally next year as sanctions squeeze Russian supplies and demand beats earlier expectations, the International Energy Agency said. 

Russia’s output — which defied the agency’s previous predictions of collapse this year — is poised to plunge 14% by the end of the first quarter, the Paris-based IEA said in a report on Wednesday. If that forecasts holds true, it could reverse the recent trend in oil futures, which have retreated to $80 a barrel in London after their worst weekly slump in four months.