IEA expects demand for oil to rise in 2023, mainly due to China
The International Energy Agency (IEA) expects demand for oil to rise this year. "Global demand for oil continues to exceed expectations," explained the Paris-based organization in its monthly report. The IEA raised its expectations for 2023 slightly, particularly due to demand from the petrochemical industry in China - which manufactures chemical products such as plastics. Significantly less strong growth is expected in the coming year.
According to the IEA, Chinese demand for oil reached a new high of 17.1 million barrels per day in September this year. Globally and on average over the year as a whole, experts expect oil demand to reach 102 million barrels per day in 2023 - 2.4 million more than in the previous year.
For 2024, the IEA expects demand growth to decrease by 930,000 barrels per day to 102.9 million barrels. This would once again be a new high. However, the economic weakness of many Western countries and the energy transition are making themselves felt.
With regard to China, the British website Carbon Brief, which specializes in climate change, also sees a similar trend. According to the experts, CO2 emissions in the world's second-largest economy are likely to fall in the coming year thanks to the massive expansion of renewable energies. China is currently the world's largest emitter of greenhouse gases.
As Lauri Myllyvirta from the Centre for Research on Energy and Clean Air writes on Carbon Brief, the solar energy capacity added in China this year alone amounts to twice the total installed capacity in the USA. "New solar, wind, hydro and nuclear capacity installed in 2023 alone is estimated to generate 423 terawatt-hours (TWh) per year, equivalent to France's entire electricity consumption."
As a result, CO2 emissions from fossil power production will "almost certainly" fall in the coming year. The report is based on official and company data from China.
The IEA attributes the slight increase in their 2023 oil demand forecast mainly to the high demand for petrochemicals from China. Despite this, the expected growth for 2024 is lower due to the economic weakness in many Western countries and the ongoing energy transition. The high demand for oil from China led to a new high of 17.1 million barrels per day in September.
Source: www.ntv.de
