OPEC+ Cuts to Tighten Oil Market This Year Before Surplus Returns in 2023: IEA
-
OPEC+ supply cuts through 2023 will lead to a substantial oil market deficit in Q4 2022, per IEA.
-
Higher output from non-OPEC+ countries like the U.S. initially offset OPEC+ cuts, but that changes in Q4.
-
Lack of OPEC+ cuts in early 2023 will shift market balance back to a surplus.
-
China's oil demand has so far been resilient despite economic downturn, but remains a "wild card."
-
Forecasts for 2023-2024 global oil demand growth vary widely between IEA, OPEC and EIA.
![](https://www.reuters.com/resizer/UJQjnUYUPJYFSHV1PJ44yAFukYE=/1200x628/smart/filters:quality(80)/cloudfront-us-east-2.images.arcpublishing.com/reuters/DXORYDPMX5LYFFQA3RHB7BAGWU.jpg)