The International Energy Agency (IEA), for example, revealed in its latest Oil Market Report (OMR), which was released this month, that it now projects world oil demand to rise by 2.2 million barrels per day year on year to average 102 million barrels per day. The IEA’s April OMR saw world oil demand climbing by two million barrels per day to “a record 101.9 million barrels per day”.

“Our forecast for world oil demand growth for 2023 has been revised up to 2.2 million barrels per day in this report, with Asian rebound even stronger than previously expected,” the IEA noted in its May OMR.

“The world’s second biggest oil user after the U.S. will account for nearly 60 percent of global growth in 2023. Record demand in the biggest country in Asia, India, and the Middle East at the start of the year more than offset lackluster industrial activity and oil use in the OECD.”