IEA expects oil production to increase by 1 mln bpd in 2023: Report

Oil pumps

It is uncertain if the world has emerged from the global energy crisis of 2022, and the current year may hold many challenges due to the possible decline in Russia's oil production, Mary Warlick, Deputy Executive Director at International Energy Agency (IEA), said in an interview with Elsharq TV.

The IEA expects an increase in global oil production by about one million barrels per day (bpd) in 2023, despite the expectations of a decline in production in Russia during the current year, Warlick said.

Talking about her general view of the energy sector in 2023, Warlick said she sees many determinants that must be closely monitored, especially those related to additional sanctions that may be imposed on Russia and the recovery of demand in China.

She called on the energy-producing countries to continue working to respond to the global demand for all types of energy, including oil, gas and fuel.

Warlick noted that it is difficult to say for sure that the world has emerged from the energy crisis.

“Looking at 2023, we expect many challenges to continue, despite what the European Union countries have done over the past year, in terms of reducing demand, consumption and the need for gas. In Russia, the winter was milder than expected, and we cannot predict the weather during the coming winter,” the IEA official said.

She also underlined the positive impact of the energy crisis on the shift to renewable sources.

"Europe took a lot of important measures last year to reduce its dependence on Russian energy and to accelerate investments in clean energy to diversify the sources on which it depends... What we are seeing is the result of the global energy crisis, which, undoubtedly, greatly affected many countries around the world, not just in Europe,” Warlick said.

“This often led to accelerating the pace of investment in clean energy, which enhances the energy security of European and other countries," she added.