Strong demand from China and India boosted the IEA’s outlook for growth this year by almost 300,000 barrels per day to 2.4 million bpd, but that will fall by nearly two-thirds
The boost to oil demand from the post-pandemic recovery is set to end this year, the International Energy Agency said on Wednesday, with a slowing economy and the transition to cleaner fuels sapping growth from 2024.
Global upstream investments in oil and gas exploration, extraction and production this year are due to reach $528-billion, the highest level since 2015, and are on course to keep the world adequately supplied through 2028, the IEA said. It said however that current investment “exceeds the amount that would be needed in a world that gets on track for net zero emissions.”
The agency expects economic headwinds to cut growth to 860,000 bpd next year and just 400,000 bpd in 2028, for overall demand of 105.7 million bpd versus 102.3 million bpd in 2023.
France Dernières Nouvelles, France Actualités
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