The International Energy Agency June 14 raised its forecast of world oil demand growth in 2023 by 200,000 b/d to 2.4 million b/d, while forecasting oil demand for transportation to peak in 2026 and an overall peak in oil demand “in sight” by the end of the decade. The Paris-based organization highlighted China’s resurgence as it raised its demand estimate for 2023 in its monthly oil market report, saying a market struggling for direction seemed to be overlooking key consumer nations.
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