IEA retains estimate for oil demand in 2022, expects consumption to rise above pre-Covid levels in 2023

MOSCOW. June 15 (Interfax) - The International Energy Agency (IEA) has retained its estimate for growth in global demand for oil at 99.4 million barrels per day, according to the agency's monthly report.

The IEA has also released its outlook for oil consumption in 2023, according to which the agency expects growth to accelerate to 2.2 million bpd in 2023.

"World oil demand is forecast to reach 101.6 million bpd in 2023, surpassing pre-pandemic levels. While higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will drive gains next year," according to the report.

"Following nearly two years of declines, observed global oil inventories increased by 77 million barrels in April. OECD industry stocks also rose, by 42.5 million barrels (1.42 million bpd), helped by government stock releases of nearly 1 million bpd. At 2 669 mb, OECD industry stocks were nevertheless 290.3 million barrels below the 2017-2021 average. Preliminary data for May show total OECD stocks building by 6 million barrels," the IEA said in the report.