In its new 2023 medium-term oil market forecast, published Wednesday, the Paris-based agency predicted that global oil growth will continue to climb by 6% between 2022 and 2028, underpinned by robust demand from the petrochemical and aviation sectors, before ultimately peaking at around 105.7 million barrels per day.From there, it said, oil demand will slow significantly, down from 2.4 million barrels per day this year, to just 0.4 million barrels per day in 2028.
“The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade as electric vehicles, energy efficiency, and other technologies advance,” IEA director Fatih Birol said in a statement. Demand growth from China is also forecast to slow markedly by 2024, petering out from the post-pandemic surge in oil demand that came after the country lifted its COVID-19-era restrictions late last year.
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