Oil Market Report - August 2023

Oil Market Report - August 2023

International Energy Agency (IEA) estimates that in 2023, global oil demand will grow by 2.2 million barrels per day to a volume of 102.2 million barrels per day.

More than 70% of total demand will come from China. Experts expect a decline in oil demand growth to 1 million barrels per day in 2024 due to a decrease in global economic activity and the development of renewable energy.

World oil supplies in July 2023 fell by 910 thousand barrels per day to 100.9 million barrels per day. Global oil production is projected to rise by 1.5 mb/d to a record 101.5 mb/d in 2023, with non-OPEC+ U.S. production growth of 1.9 mb/d.

Refinery throughput is expected to reach a summer peak of 83.9 mb/d in August, up 2.4 mb/d from May 2023 and 2.6 mb/d more than in May 2023. August 2022. At the same time, the increase in the production of petroleum products failed to ease the tension in the commodity market, as a result of which the prices of gasoline and distillates approached record highs.

Russian oil exports remain stable at 7.3 mb/d in July 2023. Crude oil exports to China and India were down from the previous month, but accounted for 80% of supplies from Russia. Higher oil prices, combined with the removal of discounts, boosted expected export earnings by $2.5 billion to $15.3 billion, down $4.1 billion from last year.

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