International Energy Agency (IEA)shared a new report on the energy market. Experts who prepared the report also made an estimate on the price of brent oil.
The IEA predicted that in 2023, global oil demand will increase by 2.2 million barrels/day to reach a new record of 102.1 million barrels/day. If this expectation is realized, the demand will be above 8.4% of the growth in 2022.
The main driver of rising oil demand will be economic growth in China, according to the agency. Experts expect the Asian giant, which has been on the agenda with the recession in recent days, to continue to grow. The growth in the Chinese economy, which accounts for 30% of the global oil demand, will also lead to an increase in the demand for black gold. The effects of increasing demand will be reflected in brent oil.
The IEA predicts that global supply will also rise in 2023. However, experts stated that the increase in supply will not meet the increasing demand. Experts who prepared the report cited the continuation of OPEC+’s production restrictions and the decline in oil production in Russia due to the war as the reason for this situation.
Brent Oil Price Forecast!
The International Energy Agency expects oil prices to rise in 2023. The IEA estimated that the brent price would hover around $75/barrel on average.
Brent oil price continues to rise as of the end of June. Brent, which saw $80 in the morning hours, broke the record of the last two and a half months.
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