Oil Demand Growth Shows As Economy Weakens, IEA Says - Bloomberg
Oil Demand Growth Shows As Economy Weakens, IEA Says - Bloomberg
Oil Demand Growth Shows Signs of Sharper Slowdown, IEA Says
- IEA cuts fourth-quarter demand growth by 400,000 barrels a day
- Record US supply wave squeezing Saudis out of prime markets
Global oil demand growth is slowing down sharply as economic activity weakens in key countries, the International Energy Agency said as it slashed estimates for this quarter.
The IEA sliced nearly 400,000 barrels a day from assessments of consumption growth for the final three months of 2023, and continues to expect that growth rates will decelerate dramatically next year. Meanwhile, soaring production from the US, Brazil and Guyana is offsetting production cuts by Saudi Arabia and its OPEC+ allies, it said.
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Oil Demand Growth Shows Signs of Sharper Slowdown, IEA Says
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.