World demand could soon see another peak, the International Energy Agency has said,The forecasted expansion would mark the highest ever annual level.The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in 2023 as demand is"scaling record highs".
China accounted for 70 percent of growth, the IEA said, adding that demand in the Asian giant was"also stronger than expected, reaching fresh highs despite persistent concerns over the health of the economy". The increasing demand for oil comes amid tensions on world markets after significant output cuts by several members of the OPEC+ alliance - made up of 13 members of the Organisation of the Petroleum Exporting Countries headed by Saudi Arabia and their 10 allies led by Russia - to prop up prices.
Oil producers are grappling with falling prices and high market volatility, reflecting continued fallout from the Russian invasion of Ukraine and China's faltering economic recovery.
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