Global oil demand, driven mainly by China, is expected to increase in 2023 and reach a record level

An unquenchable thirst. Global oil demand is expected to rise in 2023 at a record high, helped by the rebound of deconfined China and jet fuel appetites as global air traffic resumes, according to a report from the International Energy Agency. (IEA) published on Wednesday 15 February. Despite all the energy transition efforts implemented around the world, the peak in consumption of oil and other fossil fuels, responsible for global warming, is therefore still a long way off. The Rystad firm does not expect this turning point before 2025.

Total demand will reach a level 101.9 million barrels per day, an increase of 2 million expected in 2023 compared to 2022, and 1.4 million compared to 2019, before the Covid-19 pandemic. The IEA is thus slightly raising its forecasts compared to last month.

The growth forecast for 2023 is mainly driven by the Asia-Pacific region and almost half by China. The country, which abandoned its “zero Covid” policy in December, will thus play a driving role in this growth with the reopening of borders, conducive to boosting air traffic in particular.