{"id":547326,"date":"2022-06-16T03:58:38","date_gmt":"2022-06-16T03:58:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/things-could-get-rougher-in-the-global-energy-markets-next-year\/"},"modified":"2022-06-16T03:58:38","modified_gmt":"2022-06-16T03:58:38","slug":"things-could-get-rougher-in-the-global-energy-markets-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/things-could-get-rougher-in-the-global-energy-markets-next-year\/","title":{"rendered":"Things could get rougher in the global energy markets next year"},"content":{"rendered":"

\n <\/a>
\n So much for demand destruction: The global energy crunch isn\u2019t ending
\n anytime <\/strong\n >soon<\/strong> if the International Energy Agency\u2019s (IEA) latest
\n outlook is anything to go by. Despite a growing chorus of voices warning of
\n recession in some of the world\u2019s largest economies, the energy think tank is
\n forecasting global oil demand to surpass pre-pandemic levels next year as the
\n Chinese economy bounces back from covid lockdowns. Supply will \u201cstruggle\u201d to
\n meet the step up in demand, which will rise 2% to 101.6 mn bbl\/day, the IEA
\n said in its latest
\n monthly report<\/a\n >.\n<\/p>\n

\n Supply will also head in the wrong direction<\/strong> as embargoes and
\n sanctions on Russian hydrocarbons and falling output in producers outside the
\n Middle East cancel out supply growth elsewhere. \u201cGlobal oil supply may
\n struggle to keep pace with demand next year, as tighter sanctions force Russia
\n to shut in more wells and a number of producers bump up against capacity
\n constraints,\u201d the IEA said.\n<\/p>\n

\n No relief:<\/strong> Oil prices won\u2019t be heading lower in 2023 should
\n the IEA\u2019s forecast come to pass. Prices have already surged to near-record
\n highs this year in response to the war in Ukraine, and a widening in the
\n supply-demand gap will only put more pressure on global benchmarks.\n<\/p>\n

\n The silver lining: This isn\u2019t a consensus view.<\/strong> OPEC sources
\n said this week<\/a\n >
\n that demand growth could slow in 2023 as surging inflation weighs on the
\n global economy.\n<\/p>\n

Also worth noting:<\/strong><\/p>\n