Oil Market Report - May 2023

Oil Market Report - May 2023

The International Energy Agency (IEA) presented a new report on the development of the oil market.

Experts focus on the pricing policy of exporters and importers of oil, the dynamics of demand for petroleum products. The organization estimates that in 2023, global oil demand will grow by 2.2 million barrels per day on an annualized basis to an average level of 102 million barrels per day.

In addition to the main statistics, the authors identify the following trends:

  • Russian exports of crude oil and oil products increased in April 2023 to 8.3 million barrels per day. The supply of Russian oil continues to be robust, and the country's oil export earnings rose $1.7 billion to $15 billion in April 2023 (down 27% from April 2022).
  • OECD industry stockpiles fell to a six-month low of 2,753 million barrels, 89 million barrels below their five-year average.
  • Crude oil refining to reach approximately 82.3 mb/d in 2023 due to record Q1 production. 2023 in the Asian region.

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