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Global Oil Demand To Reach 106.9mbpd in 2030: JP Morgan

OIL

Global oil demand is forecast to reach 106.9mbpd in 2030, up by 7.1mn from 2022 levels, JP Morgan said in a note.

  • The global S/D balance will be in deficit of 4.3mbpd by 2030, which will need to be filled with new projects.
  • Overall oil products demand is expected to increase, while gasoline demand is forecast to decline, and road diesel demand is forecast to plateau.
  • The bank forecasts global oil demand to reach 101.4mbpd in 2023.

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