The stage is set for a potentially striking upswing in global oil prices, as supply constricts and demand ascends to unprecedented levels. With oil reserves dwindling at a breakneck pace, OPEC’s spare capacity restrained, and powerhouse consumers like China and India snapping up record quantities of Russian crude at discounted rates, a confluence of these factors is signaling the likelihood of an enduring escalation in oil prices, the International Energy Agency (IEA) warns in its August report.
IEA Report Sheds Light on Skyrocketing Oil Demand in the Face of Production Slump
According to the IEA’s projections, the world’s thirst for oil is set to swell by 2.2 million barrels per day (mb/d), reaching a new peak of 102.2 mb/d in 2023. In stark contrast, OPEC+ saw its supply contract by 1.2 mb/d in July, plummeting to 50.7 mb/d, due to Saudi Arabia’s voluntary reductions. This downtick in production occurs as U.S.-led non-OPEC production inches up a mere 1.5 mb/d for the entire y
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