Global oil demand hit a seasonal high in December, marking the eighth monthly record of 2023, according to new data

Global oil demand hit a new high of 103 million barrels per day in June, driven by increased air travel and higher oil use in China, according to the International Energy Agency

The IEA has predicted a significant slowdown in global oil demand growth in the coming years, driven by rising concerns over high prices and energy security

Oil prices have experienced a notable increase following Saudi Arabia’s announcement of cutting one million barrels per day in July

Growing electrification is predicted to reduce the global demand for oil by at least five million barrels per day by 2030, according to the International Energy Agency

The average growth rate for the year is estimated to be two million barrels per day, according to a new report

Power consumption is expected to triple by 2050, according to a new report

The government has been criticised over lack of commitment to the oil and gas industry’s future

The UK has also agreed to participate, by releasing 1.5 million barrels of its reserves

The oil and gas giant says the jobs cuts are due to ‘reorganisational’ changes to reduce costs and improve efficiency