According to the IEA’s monthly oil market report released today, global oil demand is expected to reach 102 million barrels this year, an increase of 2 million 200 thousand barrels per day compared to last year.
It is calculated that the demand will be 46 million 300 thousand barrels per day with an increase of 349 thousand barrels compared to the previous year in the OECD region, and 55 million 710 thousand barrels per day with an increase of 1 million 860 thousand barrels in non-OECD countries.
Global oil demand was weak in OECD countries in the first months of the year, but it entered an increasing trend above expectations due to the stable growth in the economy of China, the world’s second largest oil consumer. The country’s oil consumption rose 16 million barrels a day in March, reaching an all-time high.
In the report, which stated that the global economic outlook has taken a negative course recently with the problems experienced in the banking sector and interest rate hikes, it was pointed out that the effects of the crisis will be long-term rather than short-term, and the expectations that the hard interest rate decisions implemented by the banks to fight inflation have come to an end.
Global oil supply decreased
According to the report, daily global oil production decreased by 230 thousand barrels compared to the previous month and amounted to approximately 101 million 100 thousand barrels. It was stated that this decrease could reach 1 million barrels in May with the forest fires and OPEC + production cuts that started in Alberta province in western Canada on May 6 and then spread to the British Columbia region.
OPEC’s daily crude oil production decreased by 310 thousand barrels in April compared to the previous month and became approximately 28 million 850 thousand barrels. During this period, non-conventional OPEC production other than crude oil was recorded as 5 million 360 thousand barrels per day. Thus, OPEC’s daily oil production amounted to approximately 34 million 210 thousand barrels last month.
The daily oil production of non-OPEC countries, on the other hand, increased by 80 thousand barrels per day compared to the previous month and reached approximately 66 million 910 thousand barrels.