Economic ‘headwinds’ lead IEA to cut global oil demand forecast

International Energy Agency still expects a record high this year, but for growth to be lower than thought

Global oil demand will reach an all-time high this year, but persistent macroeconomic headwinds" mean it will not grow as quickly as had previously been expected, the International Energy Agency (IEA) has said.

The Paris-based global energy watchdog said that demand was expected to rise by 2.2m barrels a day in 2023, leading to an average of 102.1m barrels a day.