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Oil Demand on Track to Grow to Near 102MM Barrels Per Day
World oil demand remains on track to grow by 2.2 million barrels per day in 2023 to 101.8 million barrels per day, led by resurgent Chinese consumption, jet fuel, and petrochemical feedstocks. That’s what the International Energy Agency (IEA) noted in its latest oil market report, which was released on Wednesday, adding that, in 2024, naphtha and LPG/ethane, especially in China, “will dominate an overall increase of a more modest 990,000 barrels per day, to 102.8 million barrels per day, reflecting below-trend GDP growth and a structural decline in road transport fuel use in major markets”. In the report, the ... (full story)