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Oil consumption should reach a record in 2023. It should exceed 102 million barrels per day on average. Never seen.
The economy has picked up again and with it, the demand for black gold. 102 million barrels of oil per day should be consumed this year, an unprecedented level. In 2019, demand stood at 100 million barrels per day, before falling during the Covid. Today, demand is picking up, driven by several countries. China is expected to use 16.3 million barrels this year, followed by India, 5.5 million, and Europe, 14.9 million barrels.
484 billion euros invested
The strong demand encourages the oil companies to invest massively for the exploration of deposit and the production. 484 billion euros are expected in this direction this year. Companies are also investing in renewable energy. This is very far from sufficient according to some experts given global warming. They plead for the development of the transition to electric vehicles.