The International Energy Agency stated on Friday that the growth in oil demand next year is expected to be slower than previously anticipated. This shift in forecast is attributed to the weakening overall economic conditions, the slow recovery from the COVID-19 pandemic, and the rising adoption of electric vehicles.
The Paris-based agency, in its monthly report for August, projected that the demand for oil is anticipated to slow down to one million barrels daily in 2024, a decline of 150,000 barrels daily from its previous estimates.
