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IEA Raises Global Oil Demand Forecast Again

IEA Raises Global Oil Demand Forecast Again thumbnail

The International Energy Agency raised its forecast for global crude oil demand for 2023 in its Oil Market Report for February. Citing the re-opening of China’s economy as the main driver of rising demand, IEA analysts raised the 2023 forecast to 101.9 million barrels per day (bpd), an increase of 200,000 bpd from the agency’s January report.

This latest in a series of increases raises the projection for 2023 to 2 million bpd above the 2022 number, a clear admission that the world’s appetite for crude continues to grow despite efforts by mainly western governments to subsidize a transition away from fossil fuels into existence. As that appetite grows, some other recent developments in the oil markets raise the potential for a supply shortage developing in the coming months, as the IEA notes in its report.

“Nearly a year on from Russia’s invasion of Ukraine, global oil markets are trading in relative calm,” the report says, “Oil prices are back to pre-war levels with the exception of diesel, though even these have drifted much lower from last summer’s historical highs. World oil supply looks set to exceed demand through the first half of 2023, but the balance could quickly shift to deficit as demand recovers and some Russian output is shut in.”

As I noted last week, Russia announced it would cut its crude exports by 500,000 bpd beginning March 1, an apparent admission that sanctions implemented by the G7 and cooperating nations are having their intended impact. A cut of that magnitude would essentially offset the U.S. Energy Information Administration’s (EIA) projected rise in U.S. crude production during 2023, negating hopes that the U.S. industry’s contribution to growth would help keep the markets in balance.

IEA’s latest demand estimate also comes on the heels of another month in which the member nations of the OPEC+ cartel once again significantly under-produced their stated targets. As shown in the chart compiled by Bison Interests below, the group under-shot targets for January by 1.79 mmbopd.


58 Comments on "IEA Raises Global Oil Demand Forecast Again"

  1. eeee on Fri, 3rd Mar 2023 7:34 pm 

    This is a message from the Quebecer writing comments on

    I sent the two comments above directly to this email address [email protected]

    I am the Quebecer writing comments on

  2. eee on Fri, 3rd Mar 2023 7:36 pm 

    This is a message from the Quebecer writing comments on

    Basically Israel is being punished by GOD (me) for claiming that they are the chosen people of GOD. More likely the chosen people of GOD are the French Quebecers, not the Jews.

    I think it is the ultra-orthodox Jews who believe that the Jews should not have a homeland and should disperse themselves through the world and slowly vanish as mentioned in the bible according to the ultra-orthodox. Maybe there is some truth to this, and I am doing GOD work by punishing and exterminating the Jewish race. Never though about that.

    Here we have the former IDF General Gants who have the face of someone who wants to cry:, 6:20 to 7:55.

    Netanyahu warns against anarchy amid protests; Gantz “prospects of civil war” TV7 Israel News 02.03
    Imagine the poor Jews sucker, he has just discovered that the Jews are not the chosen people of GOD, Israel is not the land of the chosen people.

    Imagine how he feel after for fighting for something that was a lie. Read my comments above the wrap of GOD coming to Israel and the Jewish race.

    Most likely the chosen land is Quebec and the chosen people of GOD are the French Quebecers, not the fucking corrupts and morally decadent. I just came back from the grocery store. No shortage of fruits and vegetables like England has right now. It was pack with vegetables and fruits.

    I guess Quebec is really the chosen land for the chosen people of GOD. Not Israel and not the Jews.

  3. eeedd on Fri, 3rd Mar 2023 9:20 pm 

    A major theme in the Hebrew Bible is God’s promise to give the People of Israel their land, and thus the geographic region variously known as Canaan, Israel, and Palestine became dubbed “the Promised Land.” But does this promise apply to our present time? This may be the biggest theological question in modern-day Judaism.

    The promise land is not Israel and the Jewish people are not the chosen ones.

    Quebec is the chosen land of GOD, and only Quebec has electrical installation adapter to extreme cold weather. This may allow us to survive a bit longer during the beginning of the ice age and the end of the reality. We might be able to see the end of reality if the electrical installation hold well. It is a big if and I don’t really believe. But you get my point.

    Why do you think I live in Quebec and GOD contacted me. GOD had plans for Quebec a long time age, every before Israel was born.

    There will be no messiah coming to save the Jews and Israel. But there might be a messiah coming to save the French Quebecers.

    Fucking worthless useless morally decadent and corrupt Jews.

  4. we set aside March for thank UPPERtard for supporting free speech Sweden: supremacist muzzie Muslim migrant who was in hospital for ‘mental disorder’ is freed for posing no risk, stabs cop on Fri, 3rd Mar 2023 11:29 pm 

    Mar 2, 2023 12:00 pm By Robert Spencer

    supertards please change ur undies after 5 weeks

    please feel at ease among friends we’re all lovers of supremacist muzzies here

  5. the number of elite whitey (((supertards))) who MUZZ-19 is great its gona be a holocaustianity elite whitey (((supertard))) Willie Garson: “Sex and the City” actor calls non-vaxxed people “ignorant morons,” on Sat, 4th Mar 2023 12:01 am 

    dead five months after potential Pfizer mRNA-induced cancer
    September 29, 2021

    supertards pleae change urundies after 5 weeks

    please fele at ease among friends we’re all lovers of supremacist muzzies here

  6. everyone knows MUZZ-19 has semen from DROPOUT-19 he mixes it in his basement using empty paint buckets Kim Jarvis: 57-year-old West Virginia woman declares “I’m vaccinated but don’t know what’s in it,” dead less than 24 hours later on Sat, 4th Mar 2023 12:05 am 

    September 1, 2021

    DROPOUT-19 is world most famous doctor according to google. He quit harvard after 1st year

    supertards please change ur undies after 5 weeks

    please feel at ease among friends we’re all lovers of supremacist muzzies here

  7. REAL Green on Sat, 4th Mar 2023 4:53 am 

    Fuck you antius. I have offered the freak JuanP a deal. Ignore me I will ignore him. You in fact support him by attacking me. I am the one being trolled daily with ID theft and hostile socks. If the day starts out and I am not attacked, then I am here less and do not attack. So, fuck you MUZZ-219 and your whining and support of this nasty activity. You are behaving just how JuanP wants people to. He wants you to attack me and give him cover. Go whine about white death on an extremist right-wing site where you belong. Take Cloggo with you. The both of you are the embodiment of disgustingness of white decline. I am here to stay and will not be censored by a lunatic.

  8. Hello on Sat, 4th Mar 2023 7:53 am 

    Real green? You back?

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