How strong the oil demand can be in 2023?

Oil demand projections look pretty good for the next year but the price still remains relatively low. EIA expects that demand will increase 1.0 million barrels per day next year and it looks very conservative in comparison to IEA and OPEC projections. The first institution sees 1.7 million barrels per day growth and OPEC expects 2.2 million barrels per day. We can notice on the chart below that the first part of the next year should be interesting as projections show a further draw of inventories in the US. Should be remembered that DOE will no longer sell oil reserves next year and even will try to rebuild them. Looking at the other side of the globe, China is expected to open up its economy after a withdrawal of the zero-covid policy.

The beginning of the next year should be much better in terms of demand for oil. Source: EIA

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