IEA Cuts Global Oil Demand Outlook for 2023 as Economy Slows
- Agency’s growth forecast reduced by 220,000 barrels a day
- Market still set for sharp stock draws later in the year
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Global oil demand won’t grow as fast as previously expected this year due to the faltering economies of developed nations, the International Energy Agency said.
World fuel consumption will increase by 2.2 million barrels a day — or about 2% — in 2023, a reduction of about 220,000 barrels from last month’s forecast, the Paris-based agency said in a report on Thursday. Demand nonetheless remains on track to hit record levels later this year, draining inventories substantially in the second half.