In 2023, global oil consumption reached 102 million barrels per day, topping the pre-pandemic level by about 1.9 million barrels per day. This trend was discussed by VI Haytham al-Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), during his remarks at the opening ceremony of the Egypt Petroleum Show (EGYPS) broadcast on Nil TV.
Forecasts indicate that demand for crude is likely to rise further, with projections pointing to about 110 million barrels per day by 2025.
Analysts from the International Energy Agency (IEA) noted in mid January that 2023 had seen a revision in global oil demand growth, increasing from 1.9 million barrels per day to about 101.7 million barrels per day.
On February 10, Deputy Prime Minister Alexander Novak announced Russia would voluntarily curb oil output by 500,000 barrels per day in March.
Subsequently, Reuters reported that participants in the informal OPEC+ group did not plan further reductions or increases in oil production, despite Russia’s production cut.
Earlier, a regional economist from the United Arab Emirates, the regional development director at the international bank LanceBank, Nail al-Jawabara, suggested that tight supply and shifting demand could push oil prices higher in the near term, potentially prompting Russia to adjust its production levels again.