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Global oil demand to rise to 101.5-102 mln barrels per day in 2023 — Gazprom Neft CEO

The growth of oil demand is currently limited by the banking crisis, high interest rates in Western countries and a decline in consumption in the EU and North America

ST. PETERSBURG, June 15. /TASS/. Gazprom Neft expects an increase in global oil demand this year to the level of 101.5-102 mln barrels per day, though the situation still remains very volatile, Chief Executive Officer Alexander Dyukov told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"As far as the second half of the year is concerned, the demand is expected to rise, reaching around 101.5-102 mln barrels per year by the end of the year," he said.

The growth of oil demand is currently limited by the banking crisis, high interest rates in Western countries and a decline in consumption in the EU and North America, Dyukov said, adding that the situation in China may also affect it.

"There are a lot of factors that will influence the demand, including the economic situation in Western countries. We see that high interest rates obviously affect the prices, and we see that the banking crisis is not encouraging any rise in optimism. Speaking about Europe and North America, consumption volumes are declining there," he explained.

Earlier, the International Energy Agency (IEA) raised its forecast for the growth of global oil demand in 2023 by 200,000 barrels per day to 2.2 mln barrels per day. Thus, demand is expected to reach a record 102 mln barrels per day, the agency said in a report.

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

The 26th St. Petersburg International Economic Forum (SPIEF) - Russia’s showcase annual economic and business event - is being held on June 14-17. 'Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations' is theme of this year’s forum. TASS is the official information partner of the event.

SPIEF’s expanded business program offers attendees the opportunity to participate in more than 140 sessions featuring over 1,000 moderators and speakers, according to event organizer Roscongress Foundation. In line with tradition, Russian President Vladimir Putin will address the plenary session of SPIEF on Friday.

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