The International Energy Agency has revised its forecasts for oil demand during the current and next years, amid strong demand growth in China, India and Brazil during 2023, with the possibility of a slowdown in economic growth and energy efficiency affecting global consumption in 2024.
According to the oil market report, which was reviewed by the Energy Research Unit, the growth in global demand for oil is expected to slow over the next year to 900,000 barrels per day, compared to previous estimates of one million barrels per day, attributing this to expectations of slow economic growth with the effects of energy efficiency improvements. In raw consumption.
In return, I expected International Energy Agency In its report issued today, Thursday, October 12, 2023, the total demand for oil during the current year increased by about 2.3 million barrels per day, reaching 101.9 million barrels per day.
The expectations were different from last month’s report, which expected total oil demand to grow during the current year by 2.2 million barrels per day to reach 101.8 million barrels per day.
It attributed the revision of its forecasts for the current year to the strong growth in demand for oil in China, India and Brazil, which supports an increase in crude consumption, despite the decline in gasoline consumption in the United States.
The International Energy Agency indicated that the ongoing conflict between Israel and Hamas did not have any direct impact on oil flows.
More details to follow later…
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2023-10-12 08:31:47
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