Link Securities | The EFE news agency reported that, in its monthly report on the world oil market, published on Friday, the International Energy Agency (IEA) said that global demand for crude oil reached a record 102 million barrels per day (mbd) in June. Last month demand fell slightly to 100.9 mbd. However, the IEA believes that another record could be seen in August. This higher demand is encouraged by increased summer air travel, greater use of oil in power generation and increased activity in China’s petrochemical industry. In fact, China accounts for more than 70% of the increase in demand.
The IEA estimates that global oil demand will reach 102.2 million barrels per day (mbd) in 2023, a figure never seen before for a single year. This would imply an increase of 2.2 mbd compared to last year. The figure also means that the agency has revised its previous forecast slightly upwards (last month it cut it to 102.1 mbd). The IEA report forecasts that demand growth will be limited to one million bbd in 2024 due to the global economic slowdown, increased energy efficiency and the growth of electric vehicles.
