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Global petroleum demand will climb 7% over the next half decade. the International Energy Agency predicts. as China overtakes the U.S. as the world`s biggest oil importer.
The IEA forecasts demand of 104.7 million barrels per day in 2023. The Asia-Pacific market for petroleum products. such as gasoline and naphtha. is seen rising 12% from 2017 levels to 38.1 million barrels a day.
In this scenario. Asia-Pacific demand would grow by an average of 2% annually through 2023. driven by rising consumption of basic petrochemical materials like ethane and naphtha. Global demand growth would average only 1.1%.
The Asia-Pacific region is seen accounting for roughly 60% of global oil product demand growth over the next five years. China`s oil imports are poised to exceed 10 million barrels per day and top the old import record. set by the U.S.. in 2022. IEA Executive Director Fatih Birol said on Monday.
The longer-term prospects are dimmer. even in Asia`s largest market. Environmentally minded Chinese energy policies encourage the use of commercial vehicles that burn natural gas. and growth in gasoline demand is expected to slow. Annual oil demand growth from 2017 to 2023 is seen dropping to 331.000 barrels per day. from an average of 560.000 barrels each year from 2010 to 2017.
The U.S.. meanwhile. is poised to become the world`s top producer of oil and natural gas liquids. with output increasing roughly 30% to 16.9 million barrels per day in 2023. American shale oil production is expected to drive overall growth. surging 74% to 7.8 million barrels per day.
