LEA: World oil supply will exceed demand in the first half of 2023

The International Energy Agency (IEA) released its World Energy Report for February on Tuesday, saying global oil markets are generally calm and that supply will outpace demand in the first half of 2023. But with the economy and demand recovering, Russian oil production curtailing and U.S. and European sanctions on Russia in place, the market still has the potential for a quick turnaround.

The IEA expects global oil demand to reach 101.9 million barrels per day (101.9mb/d) in 2023, up 2 million barrels per day from 2022. On the supply side, oil supply was generally stable in January 2023 at around 100.8 million barrels per day (100.8 mb/d), and the IEA expects global oil supply to increase by 1.2 million barrels per day in 2023.