BAKU, Azerbaijan, October 13. Global oil demand growth in 2022 is expected at 1.9 million barrels per day, Trend reports via the latest oil market update from the International Energy Agency (IEA).
According to the agency, this figure has been reduced by 60,000 barrels per day, compared to the previous forecast. The demand for the current year is now set at 99.6 million barrels per day.
Meanwhile, as of the 2023 forecast, world oil demand growth is expected at 1.7 million barrels per day (down by 470,000 barrels per day), and the demand is set to reach 101.3 million barrels per day.
“After a strong start to the year, global oil demand growth has been steadily decelerating and is forecast to tip into negative territory for the fourth quarter. This comes amid a deteriorating outlook for the Chinese economy, compounded by the impact of higher prices following the early October decision by OPEC+ to constrain supplies,” the report said.
According to the IEA, in addition to China’s prolonged economic downturn and oil prices approaching $100 a barrel, a combination of inflationary pressures, steadily rising interest rates and a strong US dollar that are slowing recovery in the rest of the world, have led to the forecast decrease.
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