BAKU, Azerbaijan, November 18. The overall oil demand among the OECD countries for 2023 is projected to reach 45.8 mb/d, marking an increase of just over 90,000 b/d.
According to the data provided to Trend by the International Energy Agency (IEA), in the third quarter of 2023, total OECD demand experienced a year-on-year decline of 130,000 b/d (down by 0.3 percent).
Despite this relatively stable headline figure, notable regional variations are evident. European demand faced a substantial slowdown, contracting by 460,000 b/d for the quarter, while Asia Oceania saw a decrease of 100,000 b/d, the agency said.
In contrast, OECD Americas exhibited growth, climbing by 430,000 b/d due to robust deliveries in the US and Canada, the IEA noted.
Meanwhile, within the OECD, key industrial inputs, such as gasoil and naphtha, recorded year-on-year declines of 440,000 b/d and 260,000 b/d, respectively, in 3Q23, reflecting ongoing challenges in manufacturing conditions that hinder oil consumption.
Thus, in 2024, the IEA anticipates a 340,000 b/d decline in OECD oil consumption as structural factors continue to impact fuel use, and the rebound in jet fuel demand reaches completion.