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IEA Oil 2023 medium-term market report
July 20 , 2023
493 days
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- The International Energy Agency (IEA) in collaboration with Petroleum Planning and Analysis Cell (PPAC) launched the Oil 2023 medium-term market report.
- This report is titled ‘IEA Oil 2023 – Supply and demand dynamics to 2028’.
- The global oil demand is expected to witness a slowdown, nearly halting by 2028.
- But the petrochemical and aviation sectors are expected to contribute to robust oil demand.
- The decline in oil consumption for transport is anticipated after 2026.
- The report indicates that biofuels will contribute to 10% of new liquid fuel supply growth by 2028.
- Biofuels production expands nearly 600 kb/d from 2022 to 2028.
- Brazil, Indonesia and India combinedly are accounting for 70% of this increase.
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