Commodities
Global Oil Market to Tighten in 2023 as US Reverses Forecast
- World expected to consume more oil than it produces this year
- China’s demand seen growing more while production cuts mount
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The US expects the global oil market to tighten this year as it reverses its forecast in a move that more closely aligns with bullish estimates by OPEC and the International Energy Agency.
A small drop in production growth from the Organization of Petroleum Exporting Countries Plus alliances as well as those outside of them will trim global supply to 101.1 million barrels a day, just short of demand, according to July’s monthly report from the US Energy Information Administration.