IEA raises forecast for global oil demand

The International Energy Agency (IEA) slightly raised its estimate of global oil demand for 2022 and 2023 and now expects it to be 99.8 million and 101.4 million barrels per day, respectively, Report informs with reference to the agency's November update.

In its October forecast, the IEA expected demand to rise by 1.9 million bpd in 2022 and 1.7 million bpd in 2023, to 99.6 million and 101.3 million bpd, respectively.

Overall demand growth for 2022 and 2023 is projected at 2.1 million and 1.6 million barrels per day, respectively. Compared to last month's report, this year's growth estimate has been increased by 180,000 barrels per day. This was mainly due to the revision of demand in China. And the forecast for 2023 was reduced by 40,000 barrels per day.