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Gazprom Expects Oil Demand To Rise To 101.5-102mbpd In 2023

OIL

Gazprom Neft forecasts global oil demand to increase to 101.5-102mbpd this year, Tass reported, citing CEO Alexander Dyukov.

  • The global banking crisis, high interest rates and a decline in consumption from the EU and the US are weighing on oil demand growth, Dyukov said.
  • OPEC forecasts oil demand to reach 101.9mbpd. The IEA sees oil consumption to rise to 102.3mbpd and EIA forecasts demand to reach 101.01mbpd this year.
  • As part of Russia’s pledged 500kbpd oil production cuts, Gazprom has reduced its crude output and will maintain lower production rates in 2023 and 2023, he added.

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