On June 14, the International Energy Agency (IEA) raised its 2023 oil supply forecast by 200,000 barrels to 101.3 million barrels per day, and expects a further increase of 1 million barrels per day in 2024.
Still, the IEA expects that, at least in the short term, supply will struggle to keep pace with demand, a situation that will tighten oil markets sharply and could drive prices higher.
The IEA expects oil demand growth to start slowing as soon as 2024, falling to 860,000 bpd.
Oil demand will grow by a further 1 million barrels per day by 2025, after which the growth rate will start to slow down significantly, to only 700,000 barrels per day in 2026 and 500,000 barrels per day in 2027.