Benchmarking: 2023 Balances Point to Inventory Draw

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  • Oil demand will grow by an average 1.65 million b/d in 2023, according to consensus as reflected in November forecasts.

  • Energy Intelligence is the most bullish on supply next year, estimating growth of 1.4 million b/d, nearly double consensus.

  • The consensus balance for 2023 points to a net draw of over 300,000 b/d.

  • Weaker fourth quarter 2022 consumption will result in a roughly balanced market for the year.

An analysis of November forecasts by four agencies shows that demand for hydrocarbon liquids will grow next year by an average 1.65 million b/d to about 101.3 million b/d, which compares to average growth of 2.2 million b/d this year.

Oil Supply, Oil Demand, Oil Forecasts
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