International Energy Agency: New records in oil demand are ahead

Global oil demand will grow more than expected this year as fossil fuel demand in China hit record highs and the war between Israel and Hamas did not affect supply flows, the International Energy Agency (IEA) said.

The Paris-based organization said global demand is forecast to reach an all-time high in 2024, although it will grow at a sharply slower pace.

"Global oil demand continues to exceed expectations," the IEA said in its monthly oil market report.

The IEA said demand from China, the world's biggest crude importer and second-largest economy, hit another record high of 17.1 million barrels a day in September. According to the Agency's forecasts, world oil demand in 2023 will reach 102 million barrels per day.

"Despite growth that is almost two-thirds below this year's increase, global oil demand will rise to a record annual high" of 102.9 million barrels per day in 2024, the report added.

The war in the Gaza Strip, which began last month, has raised fears of a wider Middle East conflict that will disrupt the flow of oil supplies. But according to the IEA, "the war between Israel and Hamas has not had a significant impact on oil supply flows." /BGNES