IEA lowers forecast for growth in oil demand ...Middle East

Oil use is expected to slow its growth in 2024, according to a new report from the International Energy Agency (IEA) The world is expected to use about 102.2 million barrels of oil per day as of this year, a 2.2 percent increase from 2022 figures. That growth is now expected to slow slightly into 2024, falling to about a 1 percent increase, the agency noted. “With the post-pandemic rebound running out of steam, and as lacklustre economic conditions, tighter efficiency standards and new electric vehicles weigh on use, growth is forecast to slow to 1 mb/d in 2024,” the report states. This year, a reduction in Saudi oil production has helped raise prices, the IEA said. The U.S. has

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IEA lowers forecast for growth in oil demand ...Middle East

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