BAKU, Azerbaijan, May 17. Global refinery throughputs in 2023 are expected to increase by 1.9 million barrels per day (mb/d) year-on-year, Trend reports citing the latest oil market outlook from the International Energy Agency (IEA).
"Record 1Q23 runs in Asia have led us to raise our 2023 forecast for global crude throughputs by 300,000 b/d to 82.3 mb/d. Estimates for 1H23 have been adjusted up by 0.7 mb/d in this Report, driven by increased Chinese and Indian forecasts. Conversely, 2H23 is slightly lower, given the recent deterioration in the margin environment. The cuts mainly affect OECD Europe and Americas crude processing rates for the coming quarters. Ample availability of discounted Russian crude in Asia skews activity away from the Atlantic Basin," the report said.
Thus, the IEA has upgraded its forecast for the current year by 100,000 b/d, compared to the previous assessment.
According to the report, stronger growth in crude oil demand in 2023 falls on China and India, which have outperformed IEA forecasts in recent monthly data.
"Global throughput growth is estimated at 1.9 mb/d, in part boosted by the weak 2022 baseline for China. The incorporation of revised annual data for several non-OECD countries has adjusted our estimation of the baseline and 2023 crude demand," the report added.