Daily Management Review

IEA expects record oil demand in 2023


According to the International Energy Agency's (IEA) monthly report, China and the aviation sector will be the primary drivers of the projected 2 million barrels per day increase in global oil demand in 2023, to a record 102 million.

"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