The International Energy Agency (IEA) has maintained its estimate of global oil demand growth at 99.4 million b/s, according to the agency’s monthly report.

The agency also released a forecast of oil consumption in 2023. According to the report, the IEA expects oil consumption growth to accelerate to 2.2 million b/s in 2023.

“Global oil demand is projected to reach 101.6 million b/d in 2023, exceeding the pre-pandemic level. While higher prices and a weaker economic outlook are curbing consumption growth, a resurgent China will drive growth next year,” the report said.

Global commercial oil inventories rose by 77 million barrels in April, the first time after a nearly two-year decline. Stocks in OECD countries also rose – by 42.5 million b / s. The Agency notes that the latter fact contributed to the release of IEA countries strategic stockpiles (SPR) in the amount of almost 1 million bpd. Preliminary data show that in May, stocks in OECD countries increased by 6 million barrels.