• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

IEA: Global oil demand set to rise 2% to new high in 2023

3 years ago
in Energy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
Crude Oil - norvanreports

Crude Oil - norvanreports

75
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

IEA: Global oil demand set to rise 2% to new high in 2023

World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency (IEA) said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook.

The Paris-based IEA also said in its monthly report supply was being constrained because of sanctions on Russia over its invasion of Ukraine.

“Economic fears persist, as various international institutions have recently released downbeat outlooks,” the IEA said, forecasting demand would rise 2.2 million bpd, or 2.2%, in 2023 compared to 2022 and would exceed pre-pandemic levels.

“Similarly, tightening central bank policy, the impact of a soaring U.S. dollar and rising interest rates on the purchasing power of emerging economies mean the risks to our outlook are concentrated on the downside,” it said.

Advanced economies in the Organisation for Economic Co-operation and Development (OECD) would account for most demand growth in 2022, while China would lead the gains in 2023 as it emerges from COVID-19 lockdowns.

China’s recent COVID-19 curbs put the world’s largest oil importer on track for its first fall in demand this century, the IEA said.

RelatedPosts

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor

BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October

Ghana Aims for Victory Against Central African Republic in Crucial World Cup Qualifier

The overall demand recovery and constraints on supply because of sanctions on Russia and cautious production increases by OPEC+ pushed oil prices above US$139 a barrel in March. Brent crude was trading around US$120 on Wednesday.

But the IEA said supplies would soon match demand, adding: “After seven consecutive quarters of hefty inventory draws, slowing demand growth and a rise in world oil supply through the end of the year should help world oil markets rebalance.”

The IEA said the balance could be upset by tougher sanctions on Russia, a steeper recovery in Chinese demand, supply outages in Libya and limited spare production capacity among OPEC+ states.

Source: reuters
Via: norvanreports
Tags: Covid-19International Energy Agency (IEA)Organisation for Economic Co-operation and Development (OECD)World oil demand
No Result
View All Result

Highlights

Banks Write off GHS 893m in Bad Loans for First Half of 2025 

Former Bank of Ghana Deputy Governor Wins Inaugural Women in Leadership Fellowship at Oxford

Banking Industry: Non-Performing Loans Edge Higher to GHS 20.7bn

‘The Gulf of Guinea is our Wall Street, IMF, and World Bank Combined’, Says Air Vice Marshal Hanson 

GJA President Underscores Vital Role of Journalists in Safeguarding Ghana’s Maritime Domain

Barrick Exits Ivory Coast With $305 Million Tongon Mine Sale

Trending

Banking & Finance

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor

October 7, 2025

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor Governor of the Bank of...

BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October

October 7, 2025

Ghana Aims for Victory Against Central African Republic in Crucial World Cup Qualifier

October 7, 2025

Banks Write off GHS 893m in Bad Loans for First Half of 2025 

October 7, 2025

Former Bank of Ghana Deputy Governor Wins Inaugural Women in Leadership Fellowship at Oxford

October 7, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.