"IEA Forecasts Slower Oil Demand Growth for 2024 Amid Production Outages and Surplus"
TL;DR Summary
The International Energy Agency (IEA) has raised its 2024 global oil demand growth forecast for the third consecutive month, now projecting a rise of 1.2 million barrels per day (bpd) compared to 2023, citing macroeconomic headwinds and an expanding electric vehicle fleet. Meanwhile, OPEC expects robust world oil demand growth of 1.8 million bpd in 2025, with higher global economic growth and solid activity in China contributing to the outlook.
- IEA Raises Oil Demand Outlook for 2024 for Third Consecutive Month OilPrice.com
- Oil demand growth projected to slow down nearly 50% in 2024: IEA Yahoo Finance
- IEA signals 'substantial surplus' of oil this year as demand growth slows Financial Times
- Oil Prices Climb on U.S. Production Outages and an Optimistic OPEC Report OilPrice.com
- Who's Right on Oil Demand Growth Forecasts for 2024? Bloomberg
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