Higher global oil demand for this year and next is expected to be driven by consumption in the world's two most populated countries China and India, the US Energy Information Agency (EIA) said in its monthly outlook
WASHINGTON (Pakistan Point News / Sputnik - 11th July, 2023) Higher global oil demand for this year and next is expected to be driven by consumption in the world's two most populated countries China and India, the US Energy Information Agency (EIA) said in its monthly outlook.
"Global liquid fuels consumption in our forecast increases by 1.8 million barrels per day (b/d) in 2023 and by 1.6 million b/d in 2024," the EIA said in its Short-Term Energy Outlook (STEO) report. "Most of the expected liquid fuels demand growth is in non-OECD Asia, led by China and India."
China's liquid fuels consumption was expected to rise by 0.8 million barrels daily in 2023 and by 0.4 million barrels per day in 2024, the EIA said.
The optimistic outlook came despite the research arm of China National Petroleum Corporation saying last month that Chinese crude oil demand in 2023 was expected to grow less than previously expected, as strong demand for electric vehicles weighed on gasoline demand.
Beijing's national oil company's Economic & Technology Research Institute in March forecast oil demand reaching 743 million metric tonnes this year, or the equivalent to around 14.86 million barrels per day, for the world's top crude importer.
That forecast had since been revised down to 740 million metric tonnes, or about 14.80 million barrels daily.
India's liquid fuels consumption, according to the EIA's forecast, was seen rising by an average of 0.3 million barrels daily in both 2023 and 2024.
Separately, the Paris-based International Energy Agency (IEA) has said that it expects India's oil consumption to expand at an annual rate of 3.7% through 2026, compared with China's 2.5% growth.
