Paris: The International Energy Agency (IEA) has revised its forecast for the growth rate of global average daily oil demand for the current year, reducing it by 200,000 barrels. This adjustment comes as part of the Agency’s latest monthly report.
According to Azeri-Press News Agency, the IEA had previously anticipated an increase in oil demand by 850,000 barrels, projecting it to reach a total of 104.87 million barrels for the year. However, the new report suggests a more conservative growth, estimating an increase of 650,000 barrels, bringing the total to 104.77 million barrels.
The report also highlights that the average daily global oil demand last year stood at 104.12 million barrels. This adjustment in the forecast underscores the evolving dynamics of the global oil market and the factors influencing demand trends.