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Global Oil Demand Grew in 2022, Lagged Pre-Covid Levels

OIL

Global oil consumption increased by 2.9mbpd year on year to 97.3mbpd in 2022 according to the Energy Institute Statistical Review of World Energy.

  • Oil demand was 0.7% below 2019 levels.
  • International crude oil trade stood at 2.1billion tonnes last year, up by 4% on the year. The Middle East dominated exports accounting for 43% of all crude trade, followed by Russia with 12%.

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