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IEA raises forecast for global oil demand growth by 0.2 mln bpd

China's demand recovery continues to outperform predictions, with the country using 16 mln bpd in March, according to the agency

MOSCOW, May 16. /TASS/. The International Energy Agency (IEA) raised its forecast for the growth of global oil demand in 2023 by 200,000 barrels per day (bpd) to 2.2 mln bpd, according to the IEA report. Thus, demand is expected to reach a record 102 mln bpd.

China's demand recovery continues to outperform predictions, with the country using 16 mln bpd in March, according to the agency.

OECD demand is expected to increase by 350,000 bpd in 2023, compared to 1.9 mln bpd in non-OECD countries.

According to the IEA, China (the world's second largest oil user after the United States) will account for around 60% of global oil demand increase this year. "In the beginning of the year, record-breaking demand in China, India, and the Middle East more than offset weak industrial activity and oil consumption in OECD countries. The latter accounts for only around 15% of growth this year, driven by consumer spending and personal mobility," the IEA said.

At the same time, the agency noted that global oil supply in 2023 will increase by 1.2 mln barrels per day (bpd), led by the United States and Brazil. Oil supply from OPEC+ countries will decrease by 850,000 bpd from April to December.