MOSCOW, November 14. /TASS/. The International Energy Agency (IEA) has upgraded its outlook on growth of global oil demand for 2023 by 100,000 barrels per day compared with its previous estimate to 2.4 mln barrels per day, according to the IEA’s November report.

In absolute terms, the agency expects oil demand to reach 102 mln barrels per day by the end of the year. That said, in 2024 it is projected to slow down to 930,000 barrels per day. However, even considering a slower increase global oil demand is set to rise to a record annual high of 102.9 mln barrels per day in 2024.

Chinese oil demand rose to another record high of 17.1 mln barrels per day in September, underpinning global growth, the IEA said.