BAKU, Azerbaijan, August 11. Global oil demand is expected to increase by 2.2 mb/d, reaching 102.2 mb/d.
According to the data obtained by Trend from the International Energy Agency (IEA), in June, global oil demand surged to a record 103 mb/d, driven by robust growth in China and the OECD that exceeded expectations.
After experiencing two consecutive contractionary quarters, OECD demand received an upward revision for both May and June, resulting in an overall return to growth in the second quarter of 2023. Despite concerns surrounding the health of the economy, Chinese demand achieved new peak levels, the agency noted.
As the post-pandemic rebound reaches its conclusion and several challenges affect the OECD's economic prospects, the pace of oil consumption growth significantly decelerates to 1 mb/d in 2024. This marks a downward adjustment of 150,000 b/d from the previous month's report.
"This month, we have revised historical demand to align with updated annual data for 2021 from the IEA World Energy Statistics 2023 publication and whole year figures from OECD countries for 2021 and 2022. Demand for 2021 and 2022 has been raised by 90,000 b/d each. The split between OECD and non-OECD was roughly 50,000 b/d and 40,000 b/d, respectively," the agency said.