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Oil Demand Forecast at 101.2mbpd in 2023: Energy Intelligence

OIL

Global oil demand looks set to normalise in 2023 after the covid pandemic and Ukraine war according to Energy Intelligence.

  • They forecast demand will reach a record 101.2mbpd in 2023 but the market still contains significant obstacles such as a smooth reopening of China's economy.
  • Energy Intelligence sees China accounting for 660kbpd of projected global demand growth of 1.5mbpd in 2023, although potentially backloaded to the second half of the year.
  • India is projected to see the fastest demand growth in 2023 at 8.7% with China at 4.7%. India’s oil demand is expected to gain 350kbpd year on year.
  • European demand is expected to grow by only 0.8% to 13.8mbpd largely due to the recessionary effects of energy inflation and energy conservation measures.
  • A severe diesel supply crunch following the EU ban on Russian refined products from 5 Feb could potentially bring oil prices back to 100$/bbl or more.
  • Oil demand is forecast to peak below 106mbpd later this decade despite the accelerating energy transition.
Energy BulletsCommodities
Energy BulletsCommodities

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