The International Energy Agency (IEA) presented an overview of the prospects for the development of the international oil market.

The organization estimates that global oil demand growth will slow significantly over 2022-2028. due to the intensification of the global energy transition.

However, oil consumption will continue to rise throughout the forecast period, reaching 105.7 mb/d in 2028 (up 5.9 mb/d from 2022 levels).

The petrochemical and aviation sectors will remain key drivers and consumers in the oil market.

Global investment in oil and gas exploration and production is expected to increase by about 11% in 2023 to $528 billion ($474 billion in 2022).