IEA lowers forecast for oil demand growth in 2022

MOSCOW, 14 Sep — PRIME. The International Energy Agency (IEA) has slightly lowered its estimate of global oil demand growth in 2022 and expects it to reach 99.7 million barrels per day, in 2023 it expects growth to 101.8 million barrels, according to the agency’s September report.

In its August forecast, the IEA expected demand to rise by 2.1 million barrels per day in 2022.

“In 2022, global oil demand will grow by 2 million barrels per day, reaching 99.7 million barrels per day, and next year will grow by another 2.1 million barrels per day and will exceed the pre-pandemic level, reaching 101.8 million barrels per day …. We have revised our growth forecast for 2022 downward by a slight 110 thousand barrels per day compared to the last report,” the IEA writes.

It is noted that global demand for oil is still under pressure from the unstable economy of China and the ongoing downturn in the economies of the OECD countries.