© Reuters. International Energy: The oil market may witness tightness in 2023
Arabictrader.com – The head of the International Energy Agency (IEA), Fatih Birol, said on Thursday; That the oil market is expected to witness tightness in 2023, more than expected.
The most prominent statements of the head of the International Energy Agency, Birol:
-
The demand for oil will increase stronger than expected, if the economy of the largest oil importer in the world recovers.
-
Russian oil exports appear resilient, contrary to expectations.
-
We must highlight Russia and China.
-
The oil market may witness tightness in 2023, more than expected.
-
According to the forecasts of the International Energy Agency; Russian oil exports will decline in the first quarter of this year.
The International Energy Agency (IEA) issued a report on the oil market for the month of January yesterday, Wednesday, and stated that global demand for oil will increase this year, and estimated that increase by 1.9 million barrels per day, to reach a record level of 101.7 million barrels per day.
The report sheds light on the countries of China and Russia as major players in the global oil market, following the reopening of China and the Western sanctions imposed on the Russian Federation regarding energy products. He warned that the oil market may narrow rapidly due to the impact of Western sanctions on Russian oil exports.
