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2023

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Crude Oil Trends | EIA: Moderate Growth in International Crude Oil Demand Over the Next 5 Years, China and India Will Contribute Half of the Increment


The latest report released by the International Energy Agency (IEA) (hereinafter referred to as the "Report") shows that by 2023, the increase in crude oil demand from China and India will account for half of the global increase in crude oil demand, making them undoubtedly the main force of global energy consumption. The IEA predicts that due to strong global economic growth, crude oil demand will also increase accordingly. By 2023, crude oil demand will reach 104.7 million barrels per day, an increase of 6.9 million barrels per day or 7% compared to 2018.