Oil demand will hit a new record in 2023, driving up prices as supply declines, IEA says

• Global oil demand is expected to hit a new record this year, spelling trouble for crude prices.
• The IEA estimated oil demand could hit 101.9 million barrels per day in 2023.
• That jump is expected to exacerbate oil-supply imbalances, likely sending prices even higher.

Global oil demand is expected to notch a new record this year – and that could spell trouble for crude prices, which are already facing upwards pressure from supply cuts, the International Agency said in a recent report.

The energy watchdog predicted the world's crude oil demand would jump to a record 101.9 million barrels a day in 2023, up by 2 million barrels a day from last year.