A global oil demand increase of 835,000 barrels is expected.

Significant Increase in Global Oil Demand Forecast

According to the International Energy Agency's (IEA) weekly oil market report, global oil demand is expected to increase by approximately 835 thousand barrels per day this year, reaching 103 million 920 thousand barrels.

In the previous report, demand was predicted to increase by 790 thousand barrels, totaling 103 million 880 thousand barrels.

Analyses show that demand in the OECD region will increase by 13 thousand barrels to 45 million 820 thousand barrels, while in non-OECD countries, it may rise by 822 thousand barrels to 58 million 100 thousand barrels.

In the coming years, it is projected that by 2026, global oil demand will increase by approximately 870 thousand barrels per day compared to this year, reaching 104 million 790 thousand barrels.

Global Oil Supply Continues to Decrease

On the other hand, global oil supply fell by 610 thousand barrels per day in November, decreasing to 107 million 5 thousand barrels. The main reason for this decline is the significant drop in oil production in Russia and Venezuela due to sanctions.

During the same period, the crude oil supply of the OPEC group decreased by 240 thousand barrels per day, accounting for 34 million 760 thousand barrels.

Meanwhile, the daily oil production of non-OPEC countries also declined by approximately 370 thousand barrels, falling to 72 million 75 thousand barrels.

Global Oil Supply Increases in 2023

On an annual basis, global oil supply is expected to increase by 3 million 100 thousand barrels this year, reaching an average level of 106 million 2 thousand barrels.