london june 15 reuters  world oil demand will rise more than 2 to a record high of 1016 million barrels per day bpd in 2023 the international energy agency said on wednesday although skyhigh oil prices and weakening economic forecasts dimmed the future outlook the parisbased iea also said in its monthly report supply was being constrained because of sanctions on russia over its invasion of ukraine economic fears persist as various international institutions have recently released downbeat outlooks the iea said forecasting demand would rise 22 million bpd or 22 in 2023 compared to 2022 and would exceed prepandemic levels similarly tightening central bank policy the impact of a soaring us dollar and rising interest rates on the purchasing power of emerging economies mean the risks to our outlook are concentrated on the downside it said advanced economies in the organisation for economic cooperation and development oecd would account for most demand growth in 2022 while china would lead the gains in 2023 as it emerges from covid19 lockdowns chinas recent covid19 curbs put the worlds largest oil importer on track for its first fall in demand this century the iea said the overall demand recovery and constraints on supply because of sanctions on russia and cautious production increases by opec pushed oil prices above 139 a barrel in march brent crude was trading around 120 on wednesday but the iea said supplies would soon match demand adding after seven consecutive quarters of hefty inventory draws slowing demand growth and a rise in world oil supply through the end of the year should help world oil markets rebalance the iea said the balance could be upset by tougher sanctions on russia a steeper recovery in chinese demand supply outages in libya and limited spare production capacity among opec states reporting by noah browning editing by jason neely and edmund blair