Refining Report: Biofuels lead the way

Gasoline and diesel demand set to stagnate but biofuels production due to expand significantly to 2030

Oil consumption rates have been level with or greater than consumption rates pre-Covid since Q3/Q4 2022. The IEA, the US EIA and OPEC have forecast global oil demand to hover around 102m b/d in 2023. All three organisations also forecast consumption to increase in 2024 to 102.75–104.25m b/d. In the longer term, the IEA forecasts oil consumption to increase by an additional 2.6m b/d, reaching approximately 105.7m b/d, by 2029. Asia-Pacific will be the leader in oil demand growth to 2030, led by increased industrialisation and demand for refined and petrochemical products in developing nations. Refined product consumption Refined product demand is forecast to increase over the next several yea