Global oil supply will far exceed demand for at least the first half of the year, says the International Energy Agency (IEA).
In the monthly report on the oil market published this Today 15th March, the IEA recognizes that in the second half of the year the increase in consumption will be a challenge, especially due to the uncertainty about Russian oil, and points out that world demand will accelerate as the year progresses, with growth going from just 710,000 barrels per day in the first quarter to 2.6 million in the fourth quarter.
Globally, this increase will average two million barrels per day in 2023, against 2.3 million in 2022, leading to a new maximum where the world will absorb 102 million barrels per day, underlines the document cited by Lusa.
