Commodities
IEA Downgrades Oil Demand Forecast Amid Ongoing Disruptions
The International Energy Agency (IEA) has revised its forecast for global oil demand downward again due to ongoing disruptions in key waterways.
The agency now expects a decline of 1.6 million barrels per day, which is 510,000 barrels more than its previous estimate in July.
Despite this drop, the IEA predicts that global oil demand will start growing again in the final quarter of 2023, expanding by 2.4 million barrels per day in 2027.
The agency attributed the decline to renewed hostilities and maritime disruptions in July and early August, which reduced projected third-quarter supply by 1.7 million barrels compared to last month's report.