The IEA expects a new record for global oil demand in 2023

The International Energy Agency (IEA) released its monthly report on Wednesday. According to its data, global oil demand could grow by 1.9 million barrels per day in 2023 and reach 101.7 million barrels per day, which would be a record high.

The IEA report said nearly half of that rise in global demand would come from China, even if the rate of recovery remains uncertain.

The IEA report says that the impact of Western sanctions on Russian oil is beginning to bring its consequences. Tightening conditions in the global oil market may occur due to the recovery of Chinese demand.

The European Union has imposed a ban on oil imports from Russia. G7 countries set a price limit on imported oil. After that, oil exports from Russia decreased by an average of 200,000 barrels per day in December compared to the previous month.

It is not yet known what changes in price will take place. According to the IEA, the forecasts have a "high degree of uncertainty." World oil reserves maintain their highest values since October 2021, despite expected cuts in supplies from Russia.