The International Energy Agency (IEA) raised its forecasts for global oil demand for 2023 on Tuesday and placed it in line with 102 million barrels per day (bpd). This configures a progress of 0.2 million barrels compared to the previous month, a new record number for the institution.
The growing demand would be driven by the recovery of the Chinese economy, whose consumption has been higher than expected at the beginning of the period, as well as the accelerated development of countries not included in the Organization for Economic Cooperation and Development (OECD).
The IEA report in May assumes 2.2 million bpd more than the 2021 data and 1.3 million above the maximum recorded in 2019. China alone demanded some 16 million bpd in March, another all-time record. The Asian giant will be responsible for 60% of world growth in 2023.
Similarly, OECD nations, which appeared to be growing again in the second quarter, reported an average 2023 increase of 0.35 million bpd, dwarfed by non-countries’ gains of 1.9 million bpd. belonging to the cartel.
The IEA also clarified that the low consumption of oil colors by OECD countries, reported at the beginning of the year, was largely offset by its counterpart in China, India and the Middle East. In the end, select cartel nations will only drive 15% of the growth in 2023.
API also noted that Russia has apparently not met its 0.5 million bpd supply cut that took effect in March, and may even “be increasing volumes to make up for lost revenue” amid Western sanctions. due to the war against Ukraine.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
