# Oil Market Report - February 2023

> The IEA's February Oil Market Report forecasts global oil demand rising by 2 mb/d in 2023 to 101.9 mb/d, led by a resurgent China and a recovery in Asia-Pacific. Global supply held near 100.8 mb/d in January, with OPEC+ output projected to contract as Russia faces sanctions. Russian oil exports rose to 8.2 mb/d in January ahead of EU product restrictions.

- Date: 2023-03-01 · published 2023-03-01T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/37512-oil-market-report-february-2023
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A forecast 2 mb/d demand increase against a contracting OPEC+ supply outlook points to firmer crude prices, which raise diesel and biofuel costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-06-01 | [Oil Market Report - May 2022](https://feedsoft.ai/events/41560-oil-market-report-may-2022.md) | -0.4% | -3.3% |
| BRENT | 2022-03-14 | [Oil Market Report - March 2022 - IEA](https://feedsoft.ai/events/5992-oil-market-report-march-2022-iea.md) | -3.7% | -11.6% |
| BRENT | 2021-03-17 | [Oil Market Report - March 2021 - IEA](https://feedsoft.ai/events/6203-oil-market-report-march-2021-iea.md) | -11.4% | -2.7% |
| BRENT | 2024-01-23 | [Oil Market Report - December 2024 – Analysis - IEA](https://feedsoft.ai/events/32023-oil-market-report-december-2024-analysis-iea.md) | +2.9% | +4.5% |
| BRENT | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -0.4% | +8.7% |
| WTI | 2022-03-14 | [Oil Market Report - March 2022 - IEA](https://feedsoft.ai/events/5992-oil-market-report-march-2022-iea.md) | -4.2% | -10.1% |
| WTI | 2021-03-17 | [Oil Market Report - March 2021 - IEA](https://feedsoft.ai/events/6203-oil-market-report-march-2021-iea.md) | -10.9% | -2.6% |
| WTI | 2024-01-23 | [Oil Market Report - December 2024 – Analysis - IEA](https://feedsoft.ai/events/32023-oil-market-report-december-2024-analysis-iea.md) | +2.5% | +4.4% |

## Sources

- iea.org: https://www.iea.org/reports/oil-market-report-february-2023

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.