How will oil demand develop in 2023?

Oil demand projections look quite good for next year, but the price remains relatively low. The EIA expects demand to increase by 1.0 million barrels per day next year, which seems very cautious compared to the IEA and OPEC projections. The first institution sees growth of 1.7 million barrels per day, and OPEC expects 2.2 million barrels per day. We can see from the graph below that the first part of next year should be interesting as the projections show a further decline in US stocks. Need we remind you that the DOE will no longer sell oil reserves next year and will even try to replenish them? On the other side of the globe, China is expected to open its economy after the withdrawal of the zero covid policy.

The start of next year should be much better in terms of oil demand. Source: EIA

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