Inspenet, February 20, 2023
The International Energy Agency (IEA) foresees record oil consumption in 2023, driven by China and aviation, according to a report by the entity. Total demand will reach the “record” level of 101.9 million barrels per day (mbd), that is, an increase of 2 million expected in 2023 compared to the previous year.
The expected increase in 2023 is due above all to the Asia-Pacific region (+1.6 million barrels of oil), and especially to China. The Asian giant abandoned the zero covid policy in December and will play a crucial role with the reopening of its borders.
The IEA forecasts that kerosene demand will reach 7.2 mbd (+1.1 million), or almost 90% of 2019 levels.
Global oil demand exceeded the pre-pandemic level in the last quarter of 2022, according to figures released by the Organization of the Petroleum Exporting Countries (OPEC).
In the last quarter of last year, the world demand for oil estimated by the cartel exceeded the barrier of 100 million barrels per day (mbd), standing at 101.17 mbd. This is a figure higher than the average demand estimated by OPEC for 2019 (99.76 mbd).
Demand had decreased with the pandemic, up to 90.98 mbd in 2020 but then recovered to 97.01 mbd in 2021 and 99.55 mbd in 2022.
Photo: ShutterStock
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