Ten predictions on energy markets in 2023
* My article in BusinessWorld last January 9. ---------------- Continuing this column’s “Top 10” economic series, this 4th installment will cover energy projections for 2023, five global and five national predictions. 1. World oil demand will reach 102 million barrels per day (mbpd). Data from the Organization of the Petroleum Exporting Countries (OPEC) show that world oil demand was 100.18 mbpd in 2019, 91.16 mbpd in 2020, and 97.01 mbpd in 2021. OPEC projects 99.56 mbpd in 2022, and 101.77 mbpd in 2023. Big demand will come from the US and China, with a combined 36 mbpd next year. 2. World oil supply will likely reach 102 mbpd too. The liquids supply — crude, non-gas liquids or NGLs, other non-conventional liquids — from non-OPEC countries, which include the USA, Russia, and Canada, will reach 67.1 mbpd. OPEC crude and other liquids will likely reach 35.5 mbpd, so this column predicts a world supply of 102.6 mbpd this year. All oil-producing countries except Russia are expected to