IEA lowers its forecast for 2024 global oil demand growth

The International Energy Agency (IEA) has lowered its forecast for global oil demand growth for the current year by 0.14 million barrels per day, to 1.1 million barrels, Report informs, citing the IEA.

“Global oil demand is projected to increase by 1.1 million barrels per day in 2024, which is 140,000 barrels per day less than predicted in last month’s report,” the IEA says.

In its April report, the IEA forecast global demand this year at 103.17 million barrels per day, up 1.2 million barrels per day.

The IEA expects oil demand to be 103.155 million barrels per day this year. Thus, the forecast for demand growth rates decreased to 1.062 million barrels per day from 1.202 million.

Global oil demand next year is expected to reach 104.336 million barrels per day.