BAKU, Azerbaijan, February 9. The US Energy Information Administration (EIA) expects global liquid fuels consumption to increase by 1.1 million barrels per day (b/d) in 2023, Trend reports via EIA.
According to the forecast, the growth will be mainly driven by China and other non-OECD countries.
"The outcomes of our demand forecast remain uncertain as China shifts away from its zero-COVID-19 policy and global economic conditions evolve," EIA noted.
As for 2024 forecast, EIA projects global liquids demand to grow by 1.8 million b/d. Thus, world oil demand will stand at 102.3 million b/d in 2024, compared to 99.4 million b/d in 2022, the report said.
"However, significant uncertainty around our demand forecast remains based on possible outcomes for the evolving global economic conditions and China’s pivot away from a zero-COVID strategy," EIA noted.
The administration predicts that the lifting of the restrictions will boost China’s oil demand by 0.7 million b/d in 2023, and 0.4 million b/d in 2024.
EIA also expects oil demand in OECD countries to remain largely unchanged during the projection period, as inflationary economic pressures continue to constrain GDP growth and oil demand, as well as as the oil intensity of OECD economies.