The World Bank's higher global growth estimates today are a hint of what's happening in the oil market, though you wouldn't know it from prices this year.
In any case, the EIA just raised its 2023 world oil demand growth forecast by 30K bpd and now sees an increase of 1.59m bpd this year.
For next year though, the EIA trimmed its forecast by 20K bpd and sees a 1.70 mbpd increase.
What's notable though is that OPEC+ on the weekend said it won't increase oil production at all next year, so who is going to provide that 1.70mbpd next year?
