International Energy Agency cuts global oil demand forecast

Summarised from 2 outlets · Updated 14 Oct, 14:32 · Archive

The International Energy Agency has lowered its world oil demand forecast for the year, citing the war in Iran, which is leading to escalating fuel prices, limited oil supplies and a deteriorating economic outlook. Global oil demand is predicted to drop 2.5 million barrels a day year-over-year in the fourth quarter and fall 2.6 million barrels a day on average this year. Diesel is expected to account for 25 per cent of the drop.

The IEA foresees a partial recovery of 2 million barrels a day next year, but that still puts global oil use 0.6 per cent below 2025 levels. Global production climbed 2.5 million barrels a day month-over-month to 102.3 million barrels a day in September, driven by Gulf producers. Oil supply is expected to drop by 5.8 million barrels a day to 100.7 million barrels a day this year before climbing by 7.7 million barrels a day next year. The agency said that renewed Gulf attacks 'leave the recovery fragile.'

How it is being reported

• Energy agency lowers world oil demand forecast for the yearThe International Energy Agency is lowering its world oil demand forecast for the year, noting that the war in Iran is leading to escalating fuel prices, limited oil supplies and a deteriorating economic outlook.Clickorlando · 14 Oct, 14:13
• Energy agency lowers world oil demand forecast for the yearThe International Energy Agency is lowering its world oil demand forecast for the year, noting that the war in Iran is leading to escalating fuel prices, limited oil supplies and a deteriorating economic outlook.News4Jax · 14 Oct, 14:13

In this story: International Energy Agency · Iran · Saudi Arabia · United Arab Emirates

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