Strong pressure not only on gas but also on the oil market. Brent is currently trading at $ 116 / barrel, while WTI is at $ 113 / barrel. The IEA (International Energy Agency) yesterday released its monthly oil market report, which also includes forecasts for 2023.
The agency expects global oil demand to grow by 2.2 million barrels per day in 2023 to reach 101.6 million barrels / day, thus surpassing pre-Covid levels.
This growth is even stronger than the demand growth forecast for this year at 1.8 million barrels / day. The accelerated pace of growth next year reflects expectations of a robust recovery in demand from China.
As for supply, supply from non-OPEC + countries is expected to grow both in 2022 and 2023 by 1.9 million barrels / day and 1.8 million barrels / day, respectively.
Furthermore, OPEC + production is expected to decrease next year due to sanctions against Russia; and this means that the global market will potentially remain in deficit in 2023, which implies a further reduction in global inventories.