-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
-
Cosmetic Ingredient
- Water Treatment Chemical
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
In its first assessment of the global oil market in 2023, the International Energy Agency (IEA) pointed out that global oil supply will struggle to meet rising demand, meaning that consumers will continue to face a tight oil market
.
In its latest monthly report, the agency noted that China's economic recovery will boost consumption, while tightening sanctions against Russia will curb oil output
.
OPEC+ will need to use spare capacity to bring it down to historic lows to meet demand
.
IEA estimates suggest that households may struggle to get a respite from high energy prices
.
Crude oil prices in the London market have climbed more than 50% this year to nearly $120 a barrel, and supply has failed to meet the rebound
in demand after the pandemic.
The IEA said oil supply in 2023 is expected to be difficult to meet demand
.
"Global oil supplies may struggle to keep pace with demand next year as sanctions tighten and Russia closes oil wells further and some producers face capacity constraints," the Paris-based IEA said
on Wednesday.
In 2023, global oil demand growth is set to accelerate to 2.
2 million b/d, while non-OPEC supply will increase by 1.
9 million b/d
.
According to the IEA, global oil consumption will average 101.
6 million barrels per day, exceeding pre-pandemic levels
.
