The International Energy Agency has raised its forecast for global oil demand growth this year and next, despite an expected slowdown in economic growth for almost all major economies.
According to the agency, global oil demand will rise in 2023, to 2.4 million barrels per day compared to 2.3 million barrels per day in previous forecasts, as well as demand in 2024 to 930,000 barrels per day compared to 880,000 barrels per day in previous forecasts.
Oil demand this year was supported by strong U.S. deliveries and record demand from China in September, and the 2024 outlook was supported by hopes of interest rate cuts and a recent drop in crude prices.
Source (Al-Khaleej Emirati Newspaper, Edited)
