The International Energy Agency (IEA) said on July 13 that oil demand will hit a record high this year, but economic headwinds and interest rate hikes mean that growth in oil demand will be slightly lower than expected.
Although demand is expected to reach 102.1 million bpd, the agency cut its demand growth forecast for the first time this year, by 220,000 bpd to 2.2 million bpd.
“The challenging economic environment is putting pressure on global oil demand, not least due to the sharp tightening of monetary policy in many developed and developing countries,” the IEA said in its monthly oil report. Europe) demand remains subdued.
Oil demand growth will halve to 1.1 million bpd next year, reflecting increased vehicle electrification and energy efficiency.