The IEA has made a minor adjustment to its prediction for the current year's progression.
Updated Oil Demand Outlook from IEA
The International Energy Agency (IEA) has slightly lowered its prediction for oil consumption this year. The agency announced on Wednesday that the world will require around 103 million barrels of oil daily, which is 1.1 million barrels more than last year, but 140,000 barrels less than estimated earlier.
Factors Influencing Oil Demand
The abnormally mild winter in the Organisation for Economic Co-operation and Development (OECD) countries played a role in lowering heating oil consumption, the IEA noted. In addition, ongoing structural changes, including improved efficiency in vehicles with combustion engines and declining diesel vehicle market shares, are suppressing demand. "These trends are quite evident in Europe, and there was also weaker-than-anticipated demand for diesel in several other significant markets," the agency added.
IEA's Outlook for 2025
The IEA's forecast for 2025 remains largely unchanged, and it anticipates that global oil demand will rise by 1.2 million barrels per day. The primary drivers of this increase are the developing markets, with China leading the way.
Note: This is a reworded version of the original given story.
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Source: www.ntv.de
