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Global oil demand set to rise 2% to new high in 2023, says IEA

Noah Browning of Reuters reports that the International Energy Agency projects a rise in oil demand.

The C3 Take
  • Global oil demand will reach a record 101.6 million barrels per day in 2023.
  • This increase in demand will largely be a result of developed nations opening up their economies as pandemic-related restrictions continue to ease.
  • Despite calls from progressive lawmakers to end all fossil fuel use, oil is and will continue to be a large part of the global energy mix for years to come.
  • Policies should be enacted to increase domestic production for all energy sources, including oil.

“But the IEA said supplies would soon match demand, adding: ‘After seven consecutive quarters of hefty inventory draws, slowing demand growth and a rise in world oil supply through the end of the year should help world oil markets rebalance.'”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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