(Tiper Stock Exchange) – World oil demand is reaching record levelsboosted by heavy summer air travel, increased use of oil in power generation, and rising Chinese petrochemical activity. Global oil demand is expected to increase by 2.2 million barrels per day (b/d) to 102.2 mb/d in 2023, with China accounting for more than 70% of the growth.
it indicates theInternational Energy Agency (IEA) in the monthly report in which he warns that “the fading post-pandemic recovery and lackluster economic conditions, stricter efficiency standards and new electric vehicles weigh on oil usage and growth is expected to slow to 1 mb/d in 2024.”
The IEA also says that “the global economic outlook remains challenging in the face of rising interest rates and tighter bank credit, squeezing firms already coping with sluggish production and trade.”
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