- IEA lowers 2024 global oil demand growth forecast to 1 million bpd
Market news
IEA lowers 2024 global oil demand growth forecast to 1 million bpd
In its monthly oil market report, the International Energy Agency (IEA) lowers the 2024 global oil demand growth forecast to 1 million barrels per day (bpd), down 150,000 bpd from the previous forecast.
Additional takeaways
World oil demand hit a record 103 million bpd in June and August could see yet another peak.
Global oil demand is set to expand by 2.2 million bpd in 2023, steady from previous forecast.
Global oil supply plunged by 910,000 bpd July in part due to sharp reduction in saudi output.
Russian oil exports held steady at around 7.3 mbpd in July.
If OPEC+ current targets are maintained, oil inventories could draw by 2.2 mbpd in Q3 and 1.2 mbpd in Q4, with a risk of driving prices still higher.
Market reaction
WTI was last seen trading near $83, posting small gains on the day.
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer