Oil demand will exceed 100 million barrels

According to the IEA, it is expected that by 2023, oil demand will reach 101.7 mb/d

The International Energy Agency (IEA) expects global oil demand to grow by 1.9 million barrels per day (mb/d) in 2023, to a record 101.7 mb/d in total.

Regarding the data for 2022, the demand for crude oil by the OECD countries “collapsed” 900,000 barrels per day in the fourth quarter of last year due to the poor performance of the industry. On the other hand, the demand in the rest of the countries increased 500,000 barrels per day.

For its part, supply will increase this year by only one million barrels per day, after the 2022 increase of 4.7 mb/d led by OPEC+. Global supply will rise to 101.1 mb/d, another record.

The increase in production this year in countries that are not part of OPEC+ will exceed the drop registered within the oil cartel. Russia recorded a drop of 200,000 barrels per day in December compared to the previous month, to 7.8 mb/d, after the European Union embargo on Russian oil and the entry into force of the G7 cap on Russian crude.

However, Russian diesel exports experienced notable growth, up to 1.2 mb/d, of which 720,000 barrels were destined for the EU. US refinery activity was disrupted by inclement weather, but the disruption was offset by higher production in Europe and Asia.

The IEA estimates that Brent barrel futures will fall $9.51 per barrel to $81.34. The increase in energy efficiency and the boom in the electric car will prevent the additional consumption of 900,000 barrels per day this year.

K. Tovar

Source: La Información

(Reference image source: file)

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