On the 15th, the International Energy Agency released the World Energy Report for February. The report stated that the current global oil market is generally calm. In the first half of 2023, the world’s oil supply will exceed demand.
However, with the recovery of the economy and demand, the reduction of Russian oil production and the implementation of European and American sanctions against Russia, there is still the possibility of a rapid market reversal.
The International Energy Agency predicts that global oil demand will reach 101.9 million barrels per day (101.9mb/d) in 2023, an increase of 2 million barrels per day compared to 2022. In terms of supply, oil supply is generally stable in January 2023, at about 100.8 million barrels per day (100.8mb/d), and the International Energy Agency predicts that global oil supply will increase by 1.2 million barrels per day in 2023.