IEA lowers its 2023 oil demand prediction due to economic challenges

Although oil demand is expected to reach a record high this year, it will rise slightly less than expected due to the weak economy and rising interest rates. The Paris-based energy watchdog reduced its prediction for increase for the first time this year, by 220,000 barrels per day (bpd), to 2.2 million bpd, even though demand is anticipated to reach 102.