Oil Demand Growth Projected in 2023 Despite Economic Headwinds
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Global oil demand is expected to rise 2.3 million barrels per day in 2023 to 101.7 mbpd, driven by growth in the U.S., Guyana, Brazil and Iran.
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Russia's crude exports and oil revenues fell steeply in November 2023 due to sanctions, although earnings are still higher year-over-year.
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Global oil inventories registered a significant 19.6 million barrel decline in October 2023.
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The IEA slashed its 2023 Q4 oil demand outlook by 400,000 bpd, with Europe accounting for half the reduction amid economic slump.
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Tighter regulations, efficiency standards and rising electric vehicles usage have dampened European oil demand, which the IEA warns may decrease further.