Global oil demand to increase, upturn to slow down until 2023 - IEA

Oil&Gas Materials 12 May 2022 15:16 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, May 12. Global oil demand in 2022 is projected to an average 99.4 million barrels per day, which is an increase of 1.8 million barrels per day year-on-year, Trend reports via the report from the International Energy Agency (IEA).

However, world oil demand in the second quarter of 2022 is expected to slow down from 4.4 million barrels per day over the first quarter of 2022 - to 1.9 million barrels per day.

The market in the first quarter of 2022 was mainly driven by strong recovery in oil use in Western countries.

The supply demand will continue to decline in the second half of this year to average 490,000 barrels per day due to more moderate economic growth and higher prices, IEA said.

According to the report, it is expected that the rapid increase in pump prices and the slowdown in economic growth will significantly restrain the recovery of demand until the end of the current year, and in 2023.


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