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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

IEA: Global Oil Demand Set to Rise 2% to New High in 2023

Pump jacks operate at sunset in Midland, Texas, US, February 11, 2019. REUTERS/Nick Oxford

World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook.

The Paris-based IEA also said in its monthly report supply was being constrained because of sanctions on Russia over its invasion of Ukraine, Reuters reported.

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