Oil Surges After Rattling, IEA Sees Global Oil Demand Soar to 102m bpd in 2023 – Investing NewsEverything

By Malvika Gurung

Investing.com — The International Energy Agency (IEA) released its for March 2023 on Wednesday, expressing optimism about a pick up in demand in 2023 after oil prices rattled over one-year lows on Wednesday.

However, oil prices calmed on Thursday’s session, following the Swiss regulators’ assurance to handle the Credit Suisse (SIX:) crisis by exercising a $54 billion credit facility to Credit Suisse to bolster its liquidity.

At 11:25 am, surged 1.04% to $74.46/barrel and jumped 0.92% to $68.23/barrel.

IEA forecasts the world oil demand to increase significantly as 2023 proceeds, from 710,000 barrels/day in the first quarter of CY2023 to 2.6 million barrels/day in the final quarter of the calendar year, pushed by a rebound in air traffic and release of pent-up demand as China opens up further, leaping global oil demand to a record high.

The intergovernmental organisation targets the global oil demand to near a record 102 million barrels/day mark in 2023.

“We expect non-OPEC+ to drive global output growth of 1.6 mb/d this year, enough to meet demand in 1H23 but falling short in the second half when seasonal trends and China’s recovery are set to boost demand to record levels,” the report said.