Oil Market Report - February 2023 – Analysis - IEA
With Russian oil production in decline and limited gains expected from the rest of the OPEC+ bloc, non-OPEC+ producers will lead world supply growth in 2023. For the year as a whole, global oil supply is forecast to expand by 1.2 mb/d, led by the United States, Brazil, Norway, Canada and Guyana – all set to pump at record rates. OPEC kingpin Saudi Arabia, along with the UAE, will also produce near all-time highs, leaving a thin spare capacity cushion of roughly 3.4 mb/d.
There could be some tightening of the oil market in the 2nd half of the year based on what I’m reading here…doc