IEA cuts 2023 oil demand forecast again on slowing China growth and Europe’s energy crisis – The National

IEA cuts 2023 oil demand forecast again on slowing China growth and Europe’s energy crisis – The National

The International Energy Agency lowered its global oil demand growth estimate for next year again on weak economic growth in China, Europe’s energy crisis and a strong dollar.

The Paris-based agency now expects oil demand to grow by 1.6 million barrels per day in 2023, down from its previous estimate of 1.7 million.

The decision by Opec+, a supergroup of oil producers, to reduce production by 2 million bpd and an EU ban on Russian crude will reduce global oil supply by 1 million bpd for the remainder of this year, the IEA said in its monthly oil market report.