BAKU, Azerbaijan, May 11. Global liquid fuels demand in 2023 is expected to grow by 1.6 million barrels per day (mb/d) to an almost 101 mb/d, Trend reports, citing the latest outlook from the US Energy Information Administration Agency (EIA).
This forecast has been revised up slightly by 0.2 mb/d, compared to the previous month's outlook.
"Although demand growth for liquid fuels faces downside risks through the end of 2024, we expect the seasonal rise in oil consumption and a drop in OPEC crude oil production to put some upward pressure on crude oil prices in the coming months," the report said.
Thus, global liquids consumption, as of the EIA's forecast, will stand at 101.1 b/d in 2Q2023, moderately increasing to 101.58 mb/d in 3Q2023, and 101.71 mb/d in 4Q2023. According to the agency's estimations, global liquids demand in 1Q2023 stood at 100.95 mb/d.
At the same time, global liquids demand is expected to grow by 1.7 mb/d in 2024 to an average of 103.02 mb/d.
This growth, in both 2023 and 2024, will be mostly driven by non-OECD Asia, led by China and India.
"We expect this demand growth will bring the global oil market into balance between 3Q2023 and 1Q2024 and push the Brent price from current levels back to between $75/b and $80/b," the report added.
