Market Outlook – 1st to 15th September 2023 Pricing Window

Refined Products Review and Outlook

The global demand for crude and petroleum products continues to hit record highs, boosted by strong summer air travel, increased oil use in power generation, and surging Chinese petrochemical activities. The International Energy Agency (IEA) has projected that the global demand for oil will grow by 2.2 million b/d in 2023. According to the Agency, the growth in global demand in 2023 is expected to be driven largely by the post-pandemic economic recovery in China. However, global crude oil demand is being threatened by the efforts to transition from fossil fuels to much cleaner sources of energy. It has been projected that global investment in renewable energy will rise to about USD1.7 trillion in 2023.