International Energy Agency last week cut its global oil demand growth forecast for the first time this year because of what Oilprice.com said was “persistent economic headwinds.” IEA continues to see record high global oil demand in 2023 at 102.1 million barrels per day, according to its Oil Market Report of July 13. But the pace of growth in demand was lowered by 220,000 b/d from the previous month – the first downward revision to oil demand growth this year by IEA.
“Persistent macroeconomic headwinds – apparent in a deepening manufacturing slump – have led us to revise our 2023 growth estimate lower for the first time this year,” IEA said. “World oil demand is coming under pressure from the challenging economic environment.”
So far this year, IEA said, “global oil supply has been enough to meet demand.”