OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to bolster the market. This month, benchmark Brent crude breached $90 a barrel for the first time this year after OPEC+ leaders Saudi Arabia and Russia extended their combined 1.3 million barrel per day cuts until the end of 2023.
"But from September onwards, the loss of OPEC+ production... will drive a significant supply shortfall through the fourth quarter," it said in its monthly oil report. Still, oil demand at the world's biggest oil importer has so "far remained remarkably unaffected by its economic downturn", the IEA said.
Estimates of global demand and supply this year and next differ markedly depending on the forecaster.published on Tuesday - are optimistic about Chinese demand over the course of 2023, leaving their global demand estimates for this year and next largely unchanged.
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