MOSCOW (Pakistan Point News / Sputnik - 13th July, 2022) The International Energy Agency (IEA) has lowered its forecast on the global oil demand grown in 2022 to 99.2 million barrels per day, according to its fresh report published on Wednesday.
The IEA said that "soaring fuel costs" in the OECD counties is starting to "moderate" the oil demand growth. In addition, the latest data showed "weaker-than-expected (oil) consumption in all three major regions".
"As a result, we have modestly trimmed our outlook for 2022, with global oil demand growing 1.7 mb/d to 99.2 mb/d. Demand is projected to increase by 2.1 mb/d, to 101.3 mb/d in 2023, led by continued strong growth in non-OECD countries," the report read.
