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The IEA raised its forecast for oil demand growth in 2024 but said there were headwinds for demand

The International Energy Agency (IEA) raised its forecast for oil demand growth in 2024, but said that the recent global economic slowdown is dragging down consumption. In its monthly oil market report released today, the IEA said the deteriorating macroeconomic outlook led it to cut its oil demand growth forecast for the final quarter of the year by 390,000 b/d, which was the main reason why it lowered its 2023 demand growth forecast by 90,000 b/d, which is currently forecast for 2.27 million b/d. But the IEA raised its forecast for oil demand growth next year by 130,000 b/d to 1.06 million b/d, as the GDP outlook improved from last month’s report. The IEA raised its forecast for global oil supply growth this year to 1.8 million b/d from 1.7 million b/d last month, with the largest increases in the United States, Brazil and Guyana.

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