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Despite High Prices, Global Oil Consumption Trends are Rising

Adi Ahdiat 08/09/2022 16:30 WIB

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Despite high oil prices, global oil consumption has shown an upward trend since May 2022.

Global Consumption of Petroleum and Liquid Fuels (2019-2022*)

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Global Consumption of Petroleum and Liquid Fuels (2019-2022*)

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Since Russia invaded Ukraine in February 2022, global oil prices surged to around US$100 per barrel. This is the highest record in the last 14 years.

Shortly after the price surge, global oil consumption fell from 100.66 million barrels per day in February 2022 to 97.37 million barrels per day in April 2022.

However, starting in May 2022, global oil consumption resumed an upward trend, even though prices remained high at around US$100 per barrel.

In its September 2022 edition of the *Short-Term Energy Outlook* report, the U.S. Energy Information Administration (EIA) predicted that this upward trend in oil consumption will continue into next year.

"We expect global consumption of petroleum and liquid fuels to average 99.4 million barrels per day for 2022, an increase of 2.1 million barrels per day compared to 2021," the EIA stated in its report.

"We also expect global oil consumption to increase again in 2023, averaging 101.5 million barrels per day," it continued.

According to the EIA, this increase in global consumption is partly influenced by the situation in Europe. Due to the drastic increase in natural gas prices, Europe is expected to switch to oil and increase its consumption for electricity generation in the region.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Despite High Prices, Global Oil Consumption Trends are Rising

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