The IEA raised its 2024 oil demand growth forecast to 1.3 million bpd due to increased U.S. oil demand and higher bunker fuel use.
The International Energy Agency (IEA) raised its forecast for 2024 oil demand growth to 1.3 million barrels per day (bpd), a 110,000 bpd increase from its previous forecast, attributing the increase to improved U.S. oil demand and higher bunker fuel use due to trade flow disruptions. Despite this, the IEA's view on oil consumption growth remains more conservative than OPEC's, which expects a stronger increase in global oil demand in 2024. The agency also predicts a slight supply deficit in 2024 if OPEC+ extends its production cuts until the end of 2024.
March 14, 2024
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