BAKU, Azerbaijan, April 12. World oil demand is expected to increase to 100.87 million b/d in 2023, compared to 99.43 million b/d in 2022, Trend reports with reference to the US Energy Information Administration (EIA).
Thus, the global liquid fuels consumption is expected to grow by 1.4 mb/d and by 1.8 mb/d in 2023 and 2024, respectively.
The total world oil demand in 2024 is projected to stand at 102.72 mb/d.
"Our forecast for global liquid fuels consumption is unchanged from last month’s outlook. However, increasing risks in the U.S. and global banking sectors increases uncertainty about macroeconomic conditions and their potential effects on liquid fuels consumption, which increases the possibility of liquid fuels consumption being lower than our current forecast," EIA noted.
At the same time, EIA expects global oil markets to be relatively balanced over the coming year.
"Global oil inventories, which increased by 0.4 mb/d in 2022 and by 1.1 mb/d in 1Q23, will be mostly unchanged during the second half of 2023 (2H23). We expect builds will average about 0.5 mb/d beginning in 2024. This forecast assumes the recent OPEC cuts expire at the beginning of 2024," the report added.