After a 6.1% rise in 2021, global oil products demand slowed down in 2022 (+3.5%) due to a nearly stagnation in its 3 largest markets (the US, China and the EU).

In 2022, global oil product consumption grew by 3.5%- above its 2010-2019 average (+1%/year) – but much slower than in 2021 (+6.1%), due to a stagnation in the US and in the EU and a 0.9% increase only in China as the consequence of the economic slowdown and of the Zero-COVID policy on transports. The increase in global oil product consumption was pulled by Asia (+2.5%), especially by India (+10%), Indonesia (+9.3%) – which both posted a strong economic growth – whereas consumption dipped by more than 1% in Japan and South Korea. Oil product consumption also rose in Latin America (+7.9%, including +13% in Mexico, +9.8% in Argentina, and +2.5% in Brazil), in the Middle East (+7%, especially in Saudi Arabia and the UAE), in Africa (+4.5%, especially in Egypt and in Algeria) and in Canada (+3.4%). Oil product consumption grew at a moderate pace in Australia (+1.3%) and Russia (+2.6%).