IEA trims 2023 oil demand forecast on economic headwinds

Oil demand is set to hit a record high this year but economic headwinds and interest rate hikes mean the increase will be slightly less than anticipated, the International Energy Agency (IEA) said on Thursday.

While demand is expected to reach 102.1 million barrels per day (bpd), the Paris-based energy watchdog lowered its forecast for growth of the first time this year, by 220,000 barrels per day (bpd), to 2.2 million bpd.