by Noah Browning
LONDON, Dec 14 (Reuters) – Global oil demand growth is expected to slow in 2023 but remain at a solid level with an expected rebound in Chinese demand, the International Energy Agency (IEA) said on Wednesday. .
China is expected to experience a drop in demand this year of 400,000 barrels per day (bpd) to 15.4 million before an increase of nearly 1 million bpd in 2023, the IEA added.
Russia’s oil production will fall by 1.4 million bpd next year, the IEA predicts, as the G7’s cap on Russian oil prices came into effect on Dec. 5.
“While lower oil prices are a welcome relief for consumers facing runaway inflation, the full impact of embargoes on Russian crude and product supplies remains to be seen,” the organization said in its report. released Wednesday.
Economic challenges and demand concerns in China have affected oil prices this year, but demand has been surprisingly strong in some regions, the IEA said, citing India and the Middle East in particular.
The agency raised its demand forecast from 140,000 bpd in 2022 to 2.3 million bpd and from 100,000 bpd in 2023 to 1.7 million bpd, for a total of 101.6 million bpd.
“Although the levels of (sanitation in China) restrictions remain high, the stage is now set for a gradual reopening in 2023,” the IEA added in its monthly report.
(Noah Browning, French version Laetitia Volga, edited by Blandine Hénault)
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