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Vitol Sees Global Oil Demand Growing By 2mbpd In 2023

OIL

Vitol forecasts global oil demand to grow by 2mbpd this year as China’s economic reopening and increasing demand from the aviation sector will support demand growth this year, Vitol CEO Russel Hardy said.

  • "We expect jet volumes to recover this year in the wake of China's reopening, though structural issues in the airline and travel sector will moderate demand growth in 2023," Hardy said.
  • "The energy markets remain vulnerable to both economic and geopolitical risks. The extreme volatility of energy markets during 2022 highlighted the importance of prudent physical and financial risk management”, he added.
  • In comparison, OPEC estimated global oil demand growth at 2.3mbpd this year to 101.9mbpd.
  • IEA sees global oil demand growth at 2mbpd to 102mbpd and EIA forecasts oil demand to grow by 1.5mbpd to 100.9mbpd in 2023.
Energy BulletsCommodities
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