"Global oil consumption growth will accelerate sharply during 2023, from 710,000 bpd in the first quarter to 2.6 million bpd in the fourth, following a decline of 80,000 bpd in the fourth quarter of 2022." The world's oil consumption will hit a record 102 million barrels per day, according to experts at the IEA, though average annual growth will slow from 2.3 million barrels per day in 2022 to 2 million.
The organization forecasted a month ago that this year's global oil demand will increase by 2 million barrels per day to reach 101.9 million bpd.
The experts noted that the aviation sector and China's economic recovery following the easing of COVID-19 restrictions will serve as the primary drivers of growth. They will be responsible for an average annual increase in global consumption of 1.2 million barrels per day, or 57%.
source: iea.org
The organization forecasted a month ago that this year's global oil demand will increase by 2 million barrels per day to reach 101.9 million bpd.
The experts noted that the aviation sector and China's economic recovery following the easing of COVID-19 restrictions will serve as the primary drivers of growth. They will be responsible for an average annual increase in global consumption of 1.2 million barrels per day, or 57%.
source: iea.org
