International Energy Agency: Economic constraints will affect oil demand

The International Energy Agency said on Wednesday that growth in demand will be affected by rising oil prices and gloomy economic outlook, although global thirst for oil is expected to return to pre-pandemic levels by 2023. .

The Paris-based agency added in its monthly oil report, presenting its first demand forecast for next year: “Economic concerns persist, as various international institutions have recently issued pessimistic forecasts.

“Likewise, the tightening of central bank policy and the impact of the rise in the US dollar and higher interest rates on the purchasing power of emerging economies means that the risks to our outlook are concentrated to the downside. “.

Rising oil and fuel prices favored in starts from the sanctions imposed on Russian supplies in following the invasion of Ukraine, it helped push inflation in some economies advanced to the highest levels of the last 40 years, raising fears of a possible recession.

While the advanced economies that make up the Organization for Economic Co-operation and Development will contribute most of the growth in demand questyear, China is expected to lead the rally in 2023 as it emerges from blockades aimed at containing the spread of COVID-19.

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