forecasting record worldwide crude oil demand

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Forecasting record worldwide crude oil demand


The International Energy Agency (IEA) is forecasting record worldwide crude oil demand in 2023 as China reopens its economy to international travel. The IEA is forecasting that crude oil demand will rise 1.9 million barrels a day and reach a record of 101.7 million barrels a day. OPEC and its allies, including Russia, boosted their output by 4.7 million barrels a day in 2022, but then abruptly cut back their production in October.New global crude oil production is forecasted to rise by 1 million barrels per day from increased output from Brazil, Canada, Guyana, Norway and the U.S. As a result, the IEA is forecasting very tight crude oil supplies, so higher crude oil prices are anticipated in 2023.So, essentially, the most certain economic event will be that crude oil prices will be rising in the upcoming months due to growing global demand – and the fact that the Biden Administration will no longer be releasing up to 1 million barrels per day from the Strategic Petroleum Reserve (SPR) to manipulate crude oil prices.Although U.S. crude oil inventories remain high near-term, as seasonal demand picks up crude oil prices are expected to rise to $100 per barrel and peak at $120 per barrel during the summer months.

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