Product Message
World oil demand is scaling record highs says IEA, exactly as per our forecast
- Product
- Crude Oil
- Message Category
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Product Technical
Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023 says the IEA in its newly released Oil Market Report - August 2023.
This level is eerily aligned with the forecast in our Youtube video Crude Oil Refining Part 05 - Crude Oil is Essential
"As long as the world’s population continues to increase, and the economy extends its long term growth trajectory, the world will consume more crude oil with an expected average increase of one million barrels of oil per day year after year for decades come, as there is no economically viable and technically suitable short term substitute."
As we have mentioned elsewhere:
"The fossil fuel demand is not peaking any time soon, but rather the growth rate will slow down over the coming three decades and demand will be grinding slowly higher until 2050. Even at a 1% average growth rate over the period, fossil fuels are expected to add another 25,000 TWh growing from about 143,000 TWh in 2021 to the mid-167,000 TWh in 2050."
