Economic outlook and energy transition to curb oil demand growth from 2024

The boost to oil demand growth from the post-pandemic recovery is set to end this year, the International Energy Agency (IEA) said on Wednesday, with economic challenges and the transition to cleaner fuels sapping growth from 2024.

"The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade as electric vehicles, energy efficiency and other technologies advance," said IEA Executive Director Fatih Birol.

Global oil demand will grow by 2.4 million barrels per day (bpd) in 2023 to a record 102.3 million bpd, the IEA said in its monthly report on Wednesday.


However, the agency expects economic headwinds to reduce growth to 860,000 bpd next year and increasing use of electric vehicles to help to reduce that to 400,000 bpd in 2028.