2024 oil demand growth forecast by IEA reduced, widening gap with OPEC due to weak demand in OECD nations.

The International Energy Agency (IEA) has trimmed its 2024 oil demand growth forecast, widening the gap with oil producer group OPEC. Global oil demand this year will grow by 1.1 million barrels per day (bpd), a reduction of 140,000 bpd from the previous forecast, due to weak demand in developed OECD nations. The IEA's lower 2024 oil demand forecast is linked to poor industrial activity and a mild winter sapping gasoil consumption, particularly in Europe where a declining share of diesel cars in the fleet have already undercut consumption.

May 15, 2024
22 Articles