According to the IEA’s monthly oil market report released today, global oil demand is expected to reach 101 million 900 thousand barrels this year, an increase of 2 million barrels per day compared to last year. In the previous report, this amount was estimated as 101 million 900 thousand barrels per day.
It is calculated that the demand will be 46 million 212 thousand barrels with an increase of 262 thousand barrels compared to the previous year in the OECD region, and 55 million 727 thousand barrels with an increase of 1 million 765 thousand barrels in non-OECD countries.
It is stated that global oil demand returned to its growth trend in the first quarter of this year with the effect of the revival of the Chinese economy after the lifting of restrictions and increased by approximately 810 thousand barrels.
It is estimated that growth will accelerate throughout the year and 90 percent of the increase in global oil demand will come from non-OECD countries with the support of China.
It is pointed out that OECD demand decreased by 390 thousand barrels in the first quarter of 2023 compared to the same period of the previous year due to weak industrial activity and mild weather conditions, which is the second consecutive quarterly decline.
Global oil supply decreased
According to the report, daily global oil production decreased by 450 thousand barrels compared to the previous month and amounted to approximately 101 million 210 thousand barrels.
It was emphasized that global oil production entered a decreasing trend in March due to Russia, which announced that it would reduce its production by 500 thousand barrels per day due to sanctions and G7 price ceilings, and that Russia’s commitment was effective in the decrease.
OPEC’s daily crude oil production, on the other hand, decreased by 140 thousand barrels in March compared to the previous month and became approximately 29 million 90 thousand barrels. During this period, non-conventional OPEC production other than crude oil was recorded as 5 million 350 thousand barrels per day. Thus, OPEC’s daily oil production amounted to approximately 34 million 440 thousand barrels last month.
The daily oil production of non-OPEC countries, on the other hand, decreased by 310 thousand barrels per day compared to the previous month and became approximately 66 million 770 thousand barrels.