IEA cuts global oil demand growth expectations in 2024 to 1.22 million bpd

The International Energy Agency reduced global oil demand growth forecasts in 2024 to 1.22 million barrels per day from 1.24 million barrels per day previously.

In its monthly report, the agency raised expectations for the growth of global oil supplies in 2024 to 1.7 million barrels per day, reaching an unprecedented level of 103.8 million barrels per day, supported by supplies from outside OPEC+. The growth in global oil demand is losing momentum.

The agency previously expected demand growth to reach 1.24 million barrels per day in 2024.

The agency added, “The phase of significant growth in global oil demand after the pandemic has largely passed.”