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:

Subscribe for unlimited access to all the latest energy sector news.

Over 150 multisector articles and analyses every week.

For less than €3/week*

*For an annual commitment

*Engagement annuel à seulement 99 € (au lieu de 149 €), offre valable jusqu'au 30/07/2025 minuit.

SUBSCRIBE

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
Vattenfall selects GE Vernova and Rolls-Royce for future nuclear reactors
Washington launches national security probe into imported wind turbines
Qair secures USD 5.7 million financing for floating solar plant in Seychelles
Investments in Green Hydrogen Expected to Reach USD 510 Billion by 2032
Shikun & Binui commissions a 71 MW solar power plant in Romania
BP Restarts Whiting Refinery After Flooding: Regional Market Pressures Emerge
The gradual restart of BP’s Whiting refinery following severe flooding is driving price and logistics adjustments across several Midwestern U.S. states.
Moretti expected to chair Petrobras board with ministerial backing
Bruno Moretti, current special secretary to the presidency, is in pole position to lead Petrobras’ board of directors after Pietro Mendes’ resignation for a regulatory role.
Next Bridge Raises $6 Million to Fund Panther Project in Louisiana
Next Bridge Hydrocarbons completes a $6 million private debt raise to support its involvement in the Panther project while restructuring part of its existing debt.
Sinopec Shanghai Posts Half-Year Loss Amid Declining Petrochemical Demand
Sinopec Shanghai Petrochemical reported a net loss in the first half of 2025, impacted by reduced demand for fuels and chemical products, as well as declining sales volumes.
Togolese ZIH Acquires Petrogal GB with Structured Financing from Ecobank
Zener International Holding takes over Petrogal’s assets in Guinea-Bissau, backed by a $24 million structured financing deal arranged with support from Ecobank and the West African Development Bank.
Pietro Mendes resigns from Petrobras to lead Brazilian oil agency ANP
Petrobras board chairman Pietro Mendes resigned after his appointment to lead the National Petroleum Agency, confirmed by the Senate.
Bahrain signs strategic energy agreement with EOG Resources
Bahrain has signed an energy concession agreement with EOG Resources and Bapco Energies, reinforcing its national strategy and opening the way to new opportunities in oil and gas exploration.
Talos identifies new hydrocarbon reserve in the Gulf of Mexico
Talos Energy confirmed the presence of oil in the Daenerys area, located in the Gulf of Mexico, after a successful sub-salt drilling operation completed ahead of schedule.
Ithaca Energy doubles production in H1 2025 and raises its forecasts
Thanks to strong operational performance, Ithaca Energy recorded record production in the first half of 2025, supporting improved annual guidance and significant dividend distributions.
Oil prices rise after unexpected decline in US crude stocks
A surprise drop in US crude inventories and renewed focus on peace talks in Ukraine are shaping oil market dynamics.
Resumption of Russian Oil to Hungary Despite Tensions Linked to Ukrainian Strikes
The Druzhba pipeline has resumed flows to Hungary, while recent strikes raise questions about the energy interests at stake within the European Union.
Namibia: FPSO shortage and rig costs constrain the oil agenda
The resumption of Shell’s drilling operations and the advancement of competing projects are unfolding in a context dominated by the availability of FPSOs and deepwater drilling capacity, which dictate industrial sequencing and development costs.
Indonesia Energy enters the Brazilian market with a strategic exploratory agreement
Indonesia Energy Corporation signs a memorandum of understanding with Aguila Energia to identify oil and gas assets in Brazil, marking a first incursion outside its domestic market.
YPF Transfers Seven Oil Zones to Terra Ignis to Refocus Its Assets
YPF transfers management of seven conventional zones to Terra Ignis, marking a key step in its strategy to refocus on higher-value projects.
Viper Energy finalizes the acquisition of Sitio Royalties to strengthen its production
Viper Energy, a subsidiary of Diamondback Energy, has completed the acquisition of Sitio Royalties and is raising its production forecast for the third quarter of 2025.
Global Petrochemical Investments Projected to Reach USD 956 Billion by 2032
Driven by rising industrial demand and emerging capacities in Asia, the global petrochemicals market is expected to see sustained expansion despite regulatory pressures and raw material cost challenges.
Occidental and Algeria Launch Two Studies to Assess New Oil and Gas Fields
Alnaft and Occidental Petroleum signed two agreements to assess the oil and gas potential of southern Algerian zones, amid rising budgetary pressure and a search for energy stability.
U.S. Tariffs: India Increases Brazilian Crude Imports by 80% in 2025
Indian imports of Brazilian crude reach 72,000 barrels per day in the first half of 2025, driven by U.S. sanctions, and are expected to grow with new contracts and upstream projects between Petrobras and Indian refiners.
Russian Oil Deliveries to Hungary and Slovakia Suspended After Strike
Oil flows to Hungary and Slovakia via the Russian Druzhba pipeline have been halted, following an attack Budapest attributes to repeated Ukrainian strikes.
Resumption of drilling at Sèmè field: Benin restarts its oil production
After twenty-seven years of inactivity, the offshore Sèmè field sees operations restart under the direction of Akrake Petroleum, with production targeted by the end of 2025.
Consent Preferences