World oil demand hits new highs above 100 million barrels per day
The International Energy Agency (IEA) said on Friday that global oil demand will hit new highs and is expected to average 102.2 million barrels per day (bpd) this year, driven by air travel. summer, strong Chinese petrochemical activity and increased use of petroleum in energy generation.
Global oil demand is set to grow by 2.2 million bpd this year, with China accounting for more than 70% of the growth, the agency said in its closely watched Oil Market Report (OMR) in August.
The growth estimate is unchanged from last month's report, in which the IEA cut its global oil demand growth forecast for the first time this year, amid persistent headwinds in the economy.
Demand in developed economies was revised upwards for May and June, with overall consumption returning to growth in the second quarter after two quarters of contraction. Furthermore, Chinese demand was also stronger than expected, hitting new highs despite lingering concerns about its economy.
Global oil demand hit a record 103 million bpd in June and could see another peak in August, the IEA noted.
The agency, however, today cut its estimates for 2024 global oil demand growth by about 150,000 bpd and sees next year's growth slow to 1 million bpd year-on-year.
“With the post-pandemic recovery winding down and with lackluster economic conditions, tougher efficiency standards and new EVs weighing on usage, growth is projected to slow to 1 mb/d in 2024,” the agency said in the report.
For this year, refinery production is expected to reach a summer peak of 83.9 million bpd in August, up 2.4 million bpd from May and 2.6 million bpd from a year ago , according to IEA projections.
“Increased production of refined products has failed to ease product market tensions, pushing disruptions in gasoline and middle distillate supplies to near-record levels. High sulfur fuel oil breakouts provided further support to margins, which surpassed 2022 levels in July,” the IEA said.
So we are at the top in the use of oil, for the growth of developing countries, much more important than the savings of advanced countries switched to alternative energies. If there are any declines, they will be mainly due to the economic slowdown rather than CO2 reduction policies.
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The article World oil demand reaches new highs above 100 million barrels per day comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-domanda-mondiale-di-petrolio-raggiunge-nuovi-massimi-oltre-i-100-milioni-di-barili-al-giorno/ on Fri, 11 Aug 2023 13:35:01 +0000.