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China Expected to Make up 40% of 2023 Global Oil Demand Growth

OIL

China is expected to account for 40% of the increase in global oil demand this year according to Wood Mackenzie.

  • It expects the Chinese economy to grow by 5.5% in its base case scenario – growing demand by 1mn bpd of a global increase of 2.6mn bpd.
  • A high growth scenario of 7% GDP would raise Chinese demand by a further 400,000 bpd.
  • WoodMac sees Brent rising from current levels of around $75/bbl, to average $89.40/bbl this year. The higher GDP growth scenario in China would add up to $5/bbl.
  • Global refining margins are set to decline to around $6/bbl in the fourth quarter compared with $11/bbl a year earlier because of global refining additions.
  • The consultancy expects diesel profit margins to crude to average $30/bbl in the fourth quarter, while gasoline is expected to average around $5-6/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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