Oil Demand to Keep Growing Though Rate Ebbs While Drivers Suffer
Agencies all see demand growth waning after strong first quarter
Oil demand growth is set to slow in the coming months, with consumers likely to have endure high prices until consumption is brought back into line with supply that’s struggling to keep pace with the world’s thirst for fuels.
The International Energy Agency, the US Energy Information Administration and the Organization of Petroleum Exporting Countries all see global oil demand growth falling back after a strong performance in the opening quarter of the year. But the Paris-based IEA is the only one to see growth flipping to shrinkage, and then only in the final quarter of the year. Even then, the drop is very modest at just 390,000 barrels a day compared with the same period in 2021.