BAKU, Azerbaijan, September 14. Global oil demand in 2022 is expected to grow by 2 million barrels per day to 99.7 million barrels per day, before increasing by another 2.1 million barrels per day “to exceed pre-pandemic levels” at 101.8 million barrels per day in 2023, Trend reports via the latest oil market review from the International Energy Agency (IEA).
“Global oil demand remains under pressure from the faltering Chinese economy and an ongoing slowdown in OECD economies. Growth continues to lose momentum, slowing from 3.5 million barrels per day in the first half of 2022 to only 1.1 million barrels per day in the third quarter of 2022 before grinding to a halt in the fourth quarter,” the report said.
According to the IEA, OECD countries will account for most of total oil demand increase in 2022, while non-OECD countries will fill-n three-quarters of 2023’s gains, if China eases lockdowns, as expected.
“We have revised our 2022 outlook for growth down by a modest 110,000 barrels per day compared with last month’s Report. Tightening lockdowns and revisions to official Chinese statistics (-350,000 barrels per day) narrowly outweigh gains from stronger US data (+140,000 barrels per day) and a further spike in Middle Eastern demand (+90,000 barrels per day) from increased oil use in power generation,” the IEA noted.
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