The medium-term market report forecasts that global oil demand will rise by 6% between now and 2028, to reach 105.7 million barrels per day (mb/d). But, despite this increase, annual demand growth is expected to shrivel from 2.4mb/d in 2022 to just 0.4mb/d in 2028. IEA Executive Director Dr Fatih Birol says the shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight as electric vehicles, energy efficiency and other technologies advance. “Oil demand in the power sector in other regions will record only minor changes. Can the rest of Africa meet its oil demand?

Source: The North Africa Journal June 15, 2023 08:44 UTC