LONDON – The International Energy Agency on Friday said demand growth for oil next year will be slower than previously forecast, citing lackluster macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles.
Growth is forecast to slow to 1 million barrels per day in 2024, the Paris-based energy watchdog said in its August monthly oil market report, down by 150,000 bpd from its previous forecast.“The global economic outlook remains challenging in the face of soaring interest rates and tighter bank credit, squeezing businesses that are already having to cope with sluggish manufacturing and trade,” the IEA said.
In 2023, global oil demand is set to expand by 2.2 million bpd, buoyed by summer air travel, increased oil use in power generation and surging Chinese petrochemical activity.
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