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As a result, world oil demand growth in 2023 has been adjusted lower by 90 kb/d from last month’s Report to 2.3 mb/d. China accounts for 78% of this year’s increase. Oil consumption growth is expected to ease significantly in 2024, to 1.1 mb/d, with demand baselines normalising as Covid-related distortions fade.
- Oil Market Report - November 2023 – Analysis - IEA
The IEA Oil Market Report (OMR) is one of the world's most...
- Year-on-year changes in global oil demand by quarter, 2023 ...
Other emerging economies. Total. Appears in. China’s...
- Oil Market Report - January 2023 – Analysis - IEA
The IEA Oil Market Report (OMR) is one of the world's most...
- Oil Market Report - July 2023 – Analysis - IEA
Moscow has promised a further 500 kb/d cut to exports from...
- Oil Market Report - November 2023 – Analysis - IEA
Nov 14, 2023 · The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. PublishedNovember 2023.
Other emerging economies. Total. Appears in. China’s slowdown is weighing on the outlook for global oil demand growth. Notes. Q3 2024 to Q4 2025 values are estimated. Year-on-year changes in global oil demand by quarter, 2023-2025 - Chart and data by the International Energy Agency.
- Global oil demand is set to rise by 1.9 mb/d in 2023, to a record 101.7 mb/d, with nearly half the gain from China following the lifting of its Covid restrictions.
- World oil supply growth in 2023 is set to slow to 1 mb/d following last year’s OPEC+ led growth of 4.7 mb/d. An overall non-OPEC+ rise of 1.9 mb/d will be tempered by an OPEC+ drop of 870 kb/d due to expected declines in Russia.
- Global refinery activity was steady in December as US runs plunged 910 kb/d due to weather-related outages, but higher runs in Europe and Asia offset the fall.
- Russian oil exports fell by 200 kb/d m-o-m in December to 7.8 mb/d, as crude shipments to the EU declined after the EU crude embargo and G7 price cap came into effect.
Oct 9, 2023 · World Oil Outlook 2023 sees global oil demand at 116 mb/d in 2045. No 19/2023. Riyadh, Kingdom of Saudi Arabia. 09 Oct 2023. The 2023 OPEC World Oil Outlook (WOO) was launched today at the King Abdullah Petroleum Studies and Research Center (KAPSARC) in the Kingdom of Saudi Arabia. First published in 2007, the WOO offers a detailed review and ...
China was the last major economy to lift its stringent Covid-19 restrictions at the end of 2022, leading to a post-pandemic oil demand rebound in the first half of 2023. But demand growth in China slows markedly from 2024 onwards, and global oil demand growth shrivels from 2.4 mb/d in 2023 to just 400 kb/d by 2028. Nevertheless, burgeoning ...
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Moscow has promised a further 500 kb/d cut to exports from August to stem declining prices and revenues, but may hold production steady as domestic oil demand rises seasonally. A substantial 44.2 mb build in non-OECD countries, led by a surge in China, pushed global observed oil inventories up by 19.4 mb in May to the highest since September 2021.
