BAKU, Azerbaijan, December 13. Global liquid fuels consumption is set to rise by 1.8 mb/d in 2023 and an additional 1.3 mb/d in 2024, Trend reports.
According to the US Energy Information Administration Agency (EIA), the majority of the anticipated growth in liquid fuels demand is concentrated in non-OECD Asia, with China and India taking the lead.
Thus, the EIA anticipates China's liquid fuels consumption to increase by 0.8 mb/d in 2023, and by 0.3 mb/d in 2024. At the same time, India's liquid fuels consumption is forecasted to rise by an average of 0.3 mb/d in both 2023 and 2024.
Beyond China and India, the administration's forecast suggests non-OECD consumption will see an average increase of about 0.7 mb/d in 2023 and 2024.
This growth stands in contrast to OECD liquid fuels consumption, which experiences only a slight uptick over the forecast period. The EIA noted that, If the anticipated growth in liquid fuels consumption in non-OECD countries fails to materialize, there is a risk that global oil prices could fall below our assumptions.
