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IEA keeps outlook on oil demand growth for 2023 at 2.2 mbd

Despite its difficult economic situation, China looks on track to account for 75% of the increase in world oil demand this year, the agency added

MOSCOW, September 13. /TASS/. The International Energy Agency (IEA) has maintained its outlook on growth of world oil demand for 2023 at the level of 2.2 mln barrels per day to 101.8 mln barrels per day, according to its report.

"World oil demand remains on track to grow by 2.2 mb/d in 2023 to 101.8 mb/d, led by resurgent Chinese consumption, jet fuel and petrochemical feedstocks," the agency said. "In 2024, naphtha and LPG/ethane, especially in China, will dominate an overall increase of a more modest 990 kb/d, to 102.8 mb/d, reflecting below-trend GDP growth and a structural decline in road transport fuel use in major markets," according to the report.

Despite its difficult economic situation, China looks on track to account for 75% of the increase in world oil demand this year, or 1.6 mln barrels per day of the 2.2 mln barrels per day total, the IEA said.

However, global demand growth is set to slow sharply to around 1 mln barrels per day in 2024 "as the recovery runs out of steam and with efficiency gains, EV penetration and working from home further suppressing consumption," the report said.

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Anti-Russian sanctions

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