The report said oil demand for combustion purposes - rather than petrochemical manufacturing - would peak in 2028, although it acknowledged that overall oil demand would continue to rise through the forecast period. However, on the same day, the IEA also published its annual five-year outlook, 'Oil 2023,' showing signs of oil demand approaching a peak over the period, and 'strains' in the market starting to ease. 'This could leave the market in deficit in 2024, with the second half looking particularly tight,' the IEA said. It forecast demand to moderate in 2024, with growth of just 860,000 b/d, but said slower production growth in the US combined with OPEC+ output cuts could make for a tight market. The Paris-based organization highlighted China's resurgence as it raised its annual demand estimate for 2023 in its monthly oil market report, saying a market struggling for direction seemed to be overlooking key consumer nations.

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