Page 125 - RusRPTJul23

onward until new allocation.
Taking into account their average monthly imports of about 14.84 million mt, the remaining available quota would only cover their imports for one and a half months.
China's Ministry of Commerce in early January released 108.78 million mt, or 797 million barrels, of crude import quota to the country's 33 qualified refineries.
● Production & demand
The International Energy Agency (IEA) raised its forecast for global oil demand growth by 200,000 barrels per day (bpd) in 2023 to 2.4 mln bpd, the IEA said in a report on June 14.
Thus, the demand for oil in 2023, according to the agency’s forecast, will reach 102.3 mln bpd and will be 1 mln bpd higher than global production, which is projected at 101.3 mln bpd.
The IEA revised its forecast amid the ongoing recovery in consumption in China, which will account for about 60% of the growing demand. At the same time, oil demand in China reaching an all-time high of 16.3 mln bpd in April, the report said.
The IEA also predicts that in 2024 the increase in oil demand in the world will slow down to 860,000 bpd. Last year, the demand for oil in the world increased by 2.3 mln bpd.
Demand in OECD countries, on the other hand, remains weak, but in the Q2 the IEA noted a slight growth in demand.
Global oil production in 2023 will reach a record figure of 101.3 mln barrels per day (bpd) and in 2024 will grow to 102.3 mln bpd, according to the report of the International Energy Agency (IEA).
The United States will continue to dominate non-OPEC+ countries in terms of production growth. According to the IEA, the adjustment of quotas for individual OPEC+ member nations will have no meaningful impact on global oil supply this year. However, the IEA forecasts a global oil deficit next year, particularly in its second half. At the same time, non-OPEC+ nations will boost global oil supply by 1.9 mln bpd in 2023 and 1.2 mln bpd in 2024, while OPEC+ countries will decrease supply by 200,000 in 2024 amid voluntary production cuts.
The IEA noted that global supply of oil in May 2023 declined by 660,000 bpd due to the start of voluntary cuts in oil production by some OPEC+ members.
125 RUSSIA Country Report July 2023 www.intellinews.com