High fuel prices is beginning to weigh on consumption. The IEA has slashed its demand forecast, revising down its estimates by 100,000 bpd. “Higher prices and a deteriorating economic environment have started to take their toll on oil demand,” the agency said. Global oil demand is expected to rise by 1.7 million barrels per day (bpd) this year compared to 2022, the International Energy Agency (IEA) said on Wednesday, revising down by 100,000 bpd its demand growth estimate on the back of high prices weighing on consumption. “Higher prices and a deteriorating economic environment have started to take their toll on oil demand, but strong power generation use and a recovery in China are providing a partial offset,” the agency said in its closely-watched Oil Market Report (OMR) published today. Total global oil demand is expected to average 99.2 million bpd in 2022, up by 1.7 million bpd compared […]