Global oil supply will “struggle” to meet still rising demand next year, the International Energy Agency said, despite early signs that record prices are starting to weigh on consumption.
In its first 2023 forecast, the Paris-based energy think-tank, which advises major oil-consuming nations on energy policy, on Wednesday predicted that demand next year would grow by 2.2mn barrels a day to 101.6mn b/d, driven by developing countries.
While the IEA expected the US to significantly increase domestic production in 2022 and 2023, members of the Opec producers’ group and its allies, including Russia, would find it harder to keep increasing output to meet rising consumption, it said in its monthly report.
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