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IEA has lowered its forecast for growth of the first time this year, by 220,000 barrels per day, to 2.2 million bpd

IEA cuts 2023 oil demand forecast on economic headwinds

Oil demand is set to hit a record high this year and the market is tightening but economic headwinds and interest rate hikes have deflated growth expectations slightly, the International Energy Agency said.

Business • 13 Jul 23

OPEC cited mounting economic challenges including high inflation and rising interest rates for the cut in its demand outlook

OPEC cuts oil demand growth forecast again

OPEC has today cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year's figure, citing mounting economic challenges including high inflation and rising interest rates.

Business • 14 Nov 22

OPEC has cut its 2022 global economic growth forecast to 2.7% from 3.1%

OPEC cuts oil demand growth view as economy slows

OPEC has today cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year's figure, citing slowing economies, the resurgence of China's COVID-19 containment measures and high inflation.

Business • 12 Oct 22

Russia - the world's biggest exporter of oil - has been hit with a slew of international sanctions over the war in Ukraine

IEA cuts oil demand outlook, fears Russia supply shock

The International Energy Agency cut its world oil demand forecast for 2022 today, warning that sanctions against Russia over its invasion of Ukraine could spark a global supply "shock".

Business • 16 Mar 22

Petrol and diesel use surged this year as consumers resumed travel and business activity picked up

Oil's comeback year signals more strength in 2022

Global oil demand roared back in 2021 as the world began to recover from the coronavirus pandemic, and overall world consumption potentially could hit a new record in 2022 - despite efforts to bring down fossil fuel consumption to mitigate climate change.

Business • 23 Dec 21

Tullow Oil had net debt of $2.4 billion at the end of 2020

Tullow Oil agrees reserve-based loan deal with banks

Exploration company Tullow Oil said today it has agreed to a new reserve-based loan of about $1.7 billion with its banks.

Business • 26 Feb 21

The IEA said it expects demand in the first quarter of this year to be 0.6 million barrels a day less than previously forecast

IEA trims 2021 global oil demand forecast

The International Energy Agency trimmed its 2021 global oil demand forecast today as fresh coronavirus lockdowns cloud the outlook but said mass vaccination programmes should help bolster a second half rebound.

Business • 19 Jan 21

OPEC's latest report reflects the lasting impact of the coronavirus crisis on the economy and consumer habits

OPEC says oil demand to plateau in late 2030s

World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said today.

Business • 08 Oct 20

For 2020 overall, demand will fall by 9.3 million barrels per day (mbd), the IEA has warned

IEA sees record 2020 oil demand fall due to coronavirus

Global oil demand will fall by a record amount this year as lockdown measures imposed to curb the coronavirus outbreak bring the economy to a virtual halt, the International Energy Agency (IEA) said today.

Business • 15 Apr 20

The International Energy Agency has chopped its current demand forecast by 1.1 million barrels a day

Virus causes first annual decline in oil use in decades

The world is set for its first annual decline in oil consumption in more than a decade due to the impact of the coronavirus outbreak, the IEA said today.

Business • 09 Mar 20

oil demand