Commodities
Global Oil Shortfall Looms Despite Output Gain and Soft Demand, US Says
- Market will see 230,000 barrel-a-day deficit, EIA projects
- Non-OPEC members will provide most crude supply growth in 2023
A natural gas flare burns near an oil pump jack in Grayville, Illinois.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
The US expects the global oil market to tighten by the end of 2023, even as crude production rises and demand for refined products remains soft.
Crude consumption is set to outstrip supplies worldwide by 230,000 barrels a day in the fourth quarter, the US Energy Information Administration said Tuesday in a monthly report. The US is projecting a much smaller shortfall than OPEC predicted in an earlier report, which showed a deficit of 3 million barrels a day — potentially the biggest in more than a decade.