The International Energy Agency (IEA) has raised its forecasts for 2023. As a result, global oil demand continues to grow.

2024 should be a record year according to the IEA. The International Energy Agency has decided to “slightly” raise its forecast for the growth of demand for black gold by 2023, which rises to 2.4 million barrels per day (mb/d) to reach 102 mb/d. “Global oil demand continues to exceed expectations,” said the IEA's monthly oil report on Tuesday, driven in particular by petrochemical needs in China. For its part, the Organization of Petroleum Exporting Countries (OPEC) estimates that demand will only increase over the next 20 years

Global oil demand is expected to reach a record high in 2024, at 102.9 mb/d, adds the institution. In September, the agency said that for the first time, global demand for oil, gas and coal would peak this decade. Member countries expect a continued rise in global oil demand by 2045, according to new projections. In its 2023 report on the outlook for global oil demand published in early October, the oil cartel expects oil demand to reach 116 million barrels per day (mb/d) by 2045, according to its reference scenario, which is 16.5% more than in 2022. This is about 6 mb/d more than in its previous estimate communicated in 2022 (109.8