BAKU, Azerbaijan, November 15. Global oil demand growth in 2022 is expected at 2.1 million barrels per day (mb/d), Trend reports via the latest oil market update from the International Energy Agency (IEA).
According to the agency, this figure has been increased by 180,000 b/d, compared to the previous forecast. The demand for the current year is now set at 99.8 mb/d.
Meanwhile, as of the 2023 forecast, world oil demand growth is expected at 1.6 mb/d (down by 40,000 b/d), and the demand is set to reach 101.4 mb/d.
As the IEA explained, “China’s persistently weak economy, Europe’s energy crisis, burgeoning product cracks and the strong US dollar are all weighing heavily on consumption”.
These increasingly threatening global prospects, together with extremely high prices, will lead to a significant reduction in demand for diesel fuel in 2023, the report noted.
“However, within middle distillates, these negative developments will be offset by the continued rebound in jet fuel consumption, which collapsed during the 2020 pandemic, as well as additional gasoil used to displace expensive natural gas and the projected post-lockdown recovery in Chinese consumption. Overall, middle distillate use is set to grow by 800,000 b/d in 2023, with total gasoil deliveries almost flat and gains concentrated in jet/kerosene,” the IEA added.
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