IEA Forecasts Under Supplied Oil Market in 2023 In the latest version of its closely watched oil market report, the International Energy Agency (IEA) predicted that China's economic reopening will push global oil demand to a record high of 101.7 million barrels a day in 2023.
That would mark a 1.9-million-barrel-a-day increase from 2022, up from the IEA's previous forecast of 1.7 million.
At the same time, continued the IEA, global output will rise by only one million barrels a day -- a drop from last year's jump of 4.7 million -- "as Russian supply slows under the full impact of sanctions."
The likely result is that "the well-supplied oil balance at the start of 2023 could quickly tighten."