Global oil-demand growth is expected to weaken next year, reflecting the slowdown in major economies in the wake of higher interest rates, according to the International Energy Agency.

The Paris-based organization said Thursday in its monthly report that demand growth is expected to halve to 1.1 million barrels a day next year, with average demand seen at 102.8 million barrels a day. The outlook for 2024 was raised by 130,000 barrels a day compared with previous estimates.