IEA raises 2024 global oil demand forecast

The International Energy Agency (IEA) has raised its forecast for global oil demand in 2024, predicting an increase of 1.1 million barrels per day (bpd). This upward revision of 130,000 bpd from previous estimates is attributed to an improved GDP outlook, particularly in the United States, and the influence of lower oil prices on consumption.

Despite this increase, the IEA noted a reduction in the demand growth forecast for the current quarter by nearly 400,000 bpd due to economic headwinds in Europe, Russia, and the Middle East. The agency also highlighted a continuing divergence between the IEA and OPEC regarding long-term demand projections and investment needs.