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The Guardian - UK
The Guardian - UK
Business
Joe Middleton and agencies

Economic ‘headwinds’ lead IEA to cut global oil demand forecast

IEA Oil
Wells extract oil from the oilfields which lie near the megacity of Tianjin and off the coast in Bohai Bay in China
Oil is extracted near Tianjin, China. The country’s surging petrochemical use will account for the bulk of global gains, the IEA says. Photograph: Sean Gallagher

Global oil demand will reach an all-time high this year, but “persistent macroeconomic headwinds” mean it will not grow as quickly as had previously been expected, the International Energy Agency (IEA) has said.

The Paris-based global energy watchdog said that demand was expected to rise by 2.2m barrels a day in 2023, leading to an average of 102.1m barrels a day.

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