102.2 million barrels per day on average. The IEA (International Energy Agency) has just revised upwards its growth forecast for global oil demand, according to its monthly report published this Friday.
“Global oil demand is expected to increase by 2.2 million barrels (mb/d) per day” from 2022 “to reach 102.2 mb/d in 2023, with China accounting for more than 70% of the growth,” says the agency.
Record consumption in June
This is “its highest annual level ever recorded”, according to the IEA, which already forecast in February a record for the current year, of 101.9 million barrels per day, after 99.9 mb/d in 2022 and the 97.6 mb/d from 2021.
Without waiting, the world demand for oil has even already “reached a record of 103 million barrels per day (mb/d) in June and August could experience a new peak,” underlines the agency, an OECD affiliate based in Paris.
“Global demand for oil is at record levels, driven by summer air travel, increased use of oil (fuel) in power generation, and growing Chinese petrochemical activity,” says the IEA. .
Demand goes up, supply goes down
The thirst for oil comes amid tight markets as “global oil supply fell by 910,000 barrels per day to 100.9 mb/d in July. It caused production in the OPEC+ bloc to fall by 1.2 mb/d to 50.7 mb/d, while outside OPEC+ volumes increased by 310,000 barrels per day to 50.2 mb/d.
As the world is called upon to reduce its consumption of climate-damaging fossil fuels in order to limit global warming to +1.5°C compared to pre-industrial times, the IEA expects global warming to occur by 2024. a slowdown in the increase in oil demand. “As the post-pandemic recovery has largely run its course and the energy transition is accelerating, growth will slow to 1 mb/d in 2024,” the agency predicts.
Source: BFM TV
