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IEA Raises 2023 Oil Demand Growth Forecast By 200kbpd To 2.4mbpd

OIL

IEA has raised its 2023 oil demand growth forecast by 200kbpd to 2.4mbpd, with Chinese demand accounting for 60% of global demand growth according to the IEA’s Monthly Oil Market Report.

  • Total global oil demand is forecast to reach a new record of 102.3mbpd this year.
  • Global oil demand growth is set to slow in 2024 to 860kbpd amid an increasingly adverse macroeconomic climate as the post-pandemic recovery will largely have run its course.
  • Chinese oil demand reached a new all-time high of 16.3mbpd in April amid soaring transport and petrochemical use supporting apparent demand.
  • IEA’s global oil-supply forecast has also been revised up by 200kbpd to reach a record high of 101.3mbpd.
  • Global oil supply growth is forecast at 1.4mbpd for this year and 1mbpd in 2024.
  • World crude oil supply fell by 660kbpd to 100.6mbpd in May, as OPEC’s voluntary supply cuts came into effect, output from Iraq’s northern region remained curbed and some Canadian oil sands remained shut.
  • OPEC+ supply is forecast to decline by 200kbpd in 2024 amid production cuts.
  • Russian oil exports fell by 260kbpd to 7.8mbpd in May, mostly unchanged year on year. Crude oil exports rose by 90kbpd to 5.2mbpd, while product exports fell by 350kbpd to 2.6mbpd.
  • Global refinery throughputs are forecast to rise by 1.8mbpd this year and by 1mbpd next year.
Energy BulletsCommodities
Energy BulletsCommodities

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