The initial hit has been seen in the Middle East and Asia-Pacific regions, with reduced consumption of fuels such as naphtha, LPG and jet fuel. However, the IEA warned that the impact is likely to spread further as supply shortages persist and prices remain elevated.
IEA stated that global oil demand is expected to increase by 2.5 million bpd by 2030, reaching around 105.5 million bpd.
It further added that while growth in developed economies and China initially slows and then subsequently goes into reverse in our outlook.
Growth in the world's demand for oil is set to slow almost to a halt in the coming years, with the high prices and security of supply concerns highlighted by the global energy crisis hastening the shift towards cleaner energy technologies, according to a new IEA report released today.
