Global oil demand hits record: IEA

Global oil demand surged to a record backed by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity, the International Energy Agency said in a report today, Aug. 11.

Global demand for oil averaged 103 million barrels per day (bpd) for the first time in June and may soar even higher in August, the agency added.

"For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day," the IEA said, with China accounting for 70 percent of growth.

Growth in demand is forecast to slow to 1 million bpd in 2024.

The agency added that global oil supply plunged by 910,000 bpd to 100.9 million bpd July. The world’s oil productions is expected to grow by 1.5 million bpd to a record of 101.5 million bpd this year.

Source: Argaam