SUBSCRIBE
PROFILE

Global oil demand at highest since pandemic

Oil consumption exceeds its pre-pandemic level according to Opec. Despite growing concerns about climate change, global demand for oil is not waning. Developing countries will drive growth, while China is expected to support demand in 2023.

Share:

Gain full professional access to energynews.pro from 4.90€/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90€/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90€/month

*Special launch offer: 1st month at the indicated price, then 14.90 €/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99€/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99€/year

*Introductory annual price for year one, automatically renewed at 149.00 €/year from the second year.

Sign up for free to unlock this article

According to the Organization of the Petroleum Exporting Countries (Opec), global oil demand has not only returned to pre-pandemic levels, but even exceeded them by the end of 2022. In the last quarter of 2022, global oil demand passed the 100 million barrel per day mark at 101.17 million barrels per day. Opec also expects further demand growth in 2023, mainly driven by China.

 

Fossil fuel consumption does not decrease despite climate change

Despite the increased awareness of the effects of climate change, the consumption of fossil fuels does not seem to be decreasing. Instead, carbon emissions from fossil fuels, including oil, are expected to continue to rise until about 2025 before beginning to decline.

 

China, Asia and the Middle East are the main growth drivers

Non-OECD oil demand is expected to increase by 2 mb/d and exceed pre-pandemic levels for the second year in a row, driven mainly by China, Asia and the Middle East. In China, annual oil requirements fell last year, but the end of the zero Covid policy in December should support demand in 2023, according to Opec.

Demand growth slows in developed OECD countries

In the developed OECD countries, oil demand growth is expected to slow to about 0.4 mb/d in 2023, following a 1.3 mb/d increase in 2022. Demand from the Americas is expected to drive growth, while demand from Europe and Asia-Pacific is expected to stagnate, according to Opec.

  • Popular on energynews.pro
Orazul Energy launches cash tender offer for its 2027 notes
Iraq in talks with ExxonMobil for refining capacities in Asia
Greek shipowners cut Russian crude links under new compliance rules
Westinghouse and EDF reactors deemed viable for Slovenia’s JEK2 nuclear project
Envision Energy signs exclusive agreement for 4.5 GW wind project in Turkey
Russia increases oil exports from western ports by 11% in September
Russia plans to ship 2.1 million barrels per day from its western ports in September, revising exports upward amid lower domestic demand following drone attacks on key refineries.
QatarEnergy secures offshore exploration licence in Congo
QatarEnergy obtained a 35% stake in the Nzombo block, located in deep waters off Congo, under a production sharing contract signed with the Congolese government.
Phillips 66 takes full control of two US refineries for $1.4bn
Phillips 66 acquires Cenovus Energy’s remaining 50% in WRB Refining, strengthening its US market position with two major sites totalling 495,000 barrels per day.
Union strike threatens fuel deliveries from Dangote refinery
Nigeria’s two main oil unions have halted loadings at the Dangote refinery, contesting the rollout of a private logistics fleet that could reshape the sector’s balance.
ReconAfrica secures offshore block in Gabon with production sharing contract
Reconnaissance Energy Africa Ltd. enters Gabonese offshore with a strategic contract on the Ngulu block, expanding its portfolio with immediate production potential and long-term development opportunities.
BW Energy raises $365mn for Maromba FPSO and secures drilling rig
BW Energy has finalised a $365mn financing for the conversion of the Maromba FPSO offshore Brazil and signed a short-term lease for a drilling rig with Minsheng Financial Leasing.
Vantage Drilling signs 260-day contract for the Platinum Explorer
Vantage Drilling has finalised a major commercial agreement for the deployment of the Platinum Explorer, with a 260-day offshore mission starting in Q1 2026.
Permex signs agreement for potential $25mn funding with Chisos
Permex Petroleum has signed a non-binding memorandum of understanding with Chisos Ltd. for potential funding of up to $25mn to develop its oil assets in the Permian Basin.
OPEC+ approves 137,000 barrels/day increase starting in October
OPEC+ begins a new phase of gradual production increases, starting to lift 1.65 million barrels/day of voluntary cuts after the early conclusion of a 2.2 million barrels/day phaseout.
Imperial Petroleum invests in seven vessels despite a 22.8% drop in revenue
Imperial Petroleum expanded its fleet to 19 vessels in the second quarter of 2025, while reporting a decline in revenue due to lower rates in the maritime oil market.
OPEC+ prepares for decisive debate on quotas amid surplus risk
Eight OPEC+ members will meet to adjust their quotas as forecasts point to a global surplus of 3 million barrels per day by year-end.
Transneft strategic site targeted in Russia strike
A key station on the Stalnoy Kon pipeline, essential for transporting petroleum products between Belarus and Russia, was targeted in a drone strike carried out by Ukrainian forces in Bryansk Oblast.
European Union redefines import rules for UK oil and gas
The European Union’s new import standard forces the United Kingdom to make major adjustments to its oil and gas exports, impacting competitiveness and trade flows between the two markets.
UK prepares new oil tax regime to revive UKCS competitiveness
The United Kingdom is set to replace the Energy Profits Levy with a new fiscal mechanism, caught between fairness and simplicity, as the British Continental Shelf continues to decline.
Italy seeks energy guarantees in potential sale of IP to SOCAR
The Italian government is demanding assurances on fuel supply security before approving the sale of Italiana Petroli to Azerbaijan's state-owned energy group SOCAR, as negotiations continue.
Dangote refinery forced to suspend gasoline production for several weeks
The Dangote complex has halted its main gasoline unit for an estimated two to three months, disrupting its initial exports to the United States.
Oil flow via Druzhba to Germany restored after drone strike
Rosneft Germany announces the resumption of oil deliveries to the PCK refinery, following repairs to the Druzhba pipeline hit by a drone strike in Russia that disrupted Kazakh supply.
CNOOC starts Wenchang 16-2 oilfield project to strengthen investments
CNOOC has launched production at the Wenchang 16-2 field in the South China Sea, supported by 15 development wells and targeting a plateau of 11,200 barrels of oil equivalent per day by 2027.
Viridien and TGS launch 5,300 km² 3D seismic survey offshore Brazil
Viridien and TGS have started a new 3D multi-client seismic survey in Brazil’s Barreirinhas Basin, an offshore zone still unexplored but viewed as strategic for oil exploration.
Taiwan denounces deployment of 12 Chinese oil platforms in its waters
Taiwan accuses China of illegally installing twelve oil structures in the South China Sea, fuelling tensions over disputed territorial sovereignty.

Log in to read this article

You'll also have access to a selection of our best content.