“Evidence of a slowdown in oil demand is mounting,” the Paris-based adviser said in its monthly report on Thursday. “The increasingly apparent loss of oil demand growth momentum reflects the deterioration in the macroeconomic climate.”
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.
