IEA improves 2023 forecast for global oil demand

The International Energy Agency (IEA) has raised its forecast for global oil demand in 2023 and now expects it to reach 101.9 million barrels per day, Report informs, citing the agency.

Global oil demand this year will grow by 2 million barrels per day and will reach 101.9 million barrels per day.

In the previous January report, the IEA predicted an increase in demand by 1.9 million barrels per day - up to 101.7 million barrels per day.

The new forecast notes that the Asia-Pacific region, at the expense of China, will dominate the demand growth outlook. The entire Asia-Pacific region will increase consumption by 1.6 million barrels per day, of which China will have 900,000 barrels per day. The agency estimates that after the harsh coronavirus restrictions, oil demand in China will significantly exceed the level of 2021 by the end of 2023.