The divide between the IEA and OPEC sends divergent signals about oil market strength in 2024 and, over the longer term, about the speed of the world’s transition to cleaner fuels
The International Energy Agency on Wednesday trimmed its forecast for 2024 oil demand growth, widening the gap with oil producer group OPEC in terms of expectations for this year’s global oil demand outlook.
The IEA said the lower 2024 forecast was linked to poor industrial activity and a mild winter sapping gasoil consumption, particularly in Europe, where a declining share of diesel cars was already undercutting consumption. The gap between the IEA and OPEC is now even wider than it was earlier this year, when a Reuters analysis found that the 1.03 million bpd difference in February was the biggest since at least 2008.
Although the global demand economic outlook has improved since the end of last year, sticky inflation in major Western economies has pushed investors to dial back their expectations for central bank interest rate cuts, the IEA said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IEA trims 2024 oil demand growth forecast, widening gap with OPEC viewThe International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Wednesday, further expanding the chasm between it and oil producer...
Read more »
IEA trims 2024 oil demand growth forecast, widening gap with OPEC viewExplore stories from Atlantic Canada.
Read more »
Edmunds: 2024 Kia Niro versus 2024 Toyota Corolla CrossMany car shoppers simply want a vehicle that’s practical, easy to drive and relatively inexpensive. High fuel economy is increasingly a popular desire as...
Read more »
IEA Warns OPEC+ to Keep Lid on Oil Price to Avoid Higher InflationOPEC+ producers shouldn’t take actions that would push oil prices up and thus boost inflation when they meet next to decide on their oil production cuts, said Fatih Birol, executive director of the International Energy Agency.
Read more »
OPEC sticks to oil demand view, shifts key forecast to OPEC+OPEC said world oil demand will rise by 2.25 million barrels per day in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month
Read more »
OPEC switches to 'call on OPEC+' in global oil demand outlook, sources sayExplore stories from Atlantic Canada.
Read more »