The International Energy Agency (IEA) has said that global oil demand will not grow as fast as previously expected this year, due to the slowdown of developed nations' economies.
The Paris-based agency has revised down its forecast for world fuel consumption to increase by 2.2 million barrels per day, or 2%, in 2023; this is a reduction of approximately 220,000 barrels from last month's estimate.
Despite this, demand is still predicted to reach record levels later this year, which is expected to significantly decrease inventories in the second half of the year. Bloomberg reports.
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