Benchmarking: 2023 Markets Will Balance Despite Less Russian Barrels

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  • Demand for oil will grow by an average 2.2 million b/d in 2023, according to the latest consensus.

  • Based on the latest forecasts, Russian production of liquids hydrocarbons next year will decline by 1.2 million b/d.

  • Despite the steep drop in Russian supplies, global markets will roughly remain in balance next year.

Recession fears notwithstanding, demand for oil and other hydrocarbon liquids in 2023 will grow at the same pace as 2022, according to the four agencies surveyed for this report. This is an optimistic outlook given the gamut of bearish factors at play in global markets, such as a strong dollar and record-high commodity prices.

Oil Demand, Oil Supply, Opec-Plus Supply , Non-Opec Supply
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