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IEA expects global oil demand to grow by 2.4 mln bpd in 2023 to 102.3 mln bpd

The IEA revised its forecast amid the ongoing recovery in consumption in China, which will account for about 60% of the growing demand

MOSCOW, June 14. /TASS/. The International Energy Agency (IEA) raised its forecast for global oil demand growth by 200,000 barrels per day (bpd) in 2023 to 2.4 mln bpd, the IEA said in a report.

Thus, the demand for oil in 2023, according to the agency’s forecast, will reach 102.3 mln bpd and will be 1 mln bpd higher than global production, which is projected at 101.3 mln bpd.

The IEA revised its forecast amid the ongoing recovery in consumption in China, which will account for about 60% of the growing demand. At the same time, oil demand in China reaching an all-time high of 16.3 mln bpd in April, the report said.

The IEA also predicts that in 2024 the increase in oil demand in the world will slow down to 860,000 bpd. Last year, the demand for oil in the world increased by 2.3 mln bpd.

Demand in OECD countries, on the other hand, remains weak, but in the Q2 the IEA noted a slight growth in demand.

Meanwhile, global commercial oil stocks rose by 10 mln barrels in April, with a decline in tanker and non-OECD stocks offset by a 27 mln barrel increase in OECD stocks.

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