IEA raises forecast for global oil demand in 2023

Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, Report informs, citing the International Energy Agency (IEA).

"Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth," the agency said.

The agency notes that demand in the first quarter amounted to 100.6 mb/d. In the second quarter, according to IEA estimates, demand rose to 102 mb/d, and in the third and fourth quarter, the agency expects it at levels of 102.9 mb/d and 103.1 mb/d, respectively.

At the same time, in 2024, according to the IEA, the demand for oil in the world will grow to 103.2 mb/d.