The IEA lowered its growth outlook for this year by 130,000 barrels per day to 1.2 million bpd, adding that the release of pent-up demand by China after easing COVID-19 curbs had run its course
The International Energy Agency trimmed its forecast for 2024 oil demand growth on Friday, citing lower than expected consumption in OECD countries and a slump in factory activity.
“Delivery data for many countries came in on the soft side, as unusually warm late-winter weather curtailed OECD heating fuel use by more than normal,” the IEA said in its monthly oil report. The outlook falls far short of OPEC’s forecast on Thursday of 2.25 million bpd this year based on robust fuel use in summer months, but exceeds the U.S. government’s energy forecast of growth at a more modest 950,000 bpd.
After emerging later than other countries from COVID-19 movement restrictions, China is expected to account for less of the world’s demand growth.
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