IEA sees slower 2024 oil demand growth, tightening market this year
The IEA said if OPEC+ current targets are maintained, oil inventories could draw by 2.2 million barrels per day in the third quarter and 1.2 million bpd in the fourth, “with a risk of driving prices still higher.”
The Organization of the Petroleum Exporting Countries and its allies began limiting supplies in late 2022 to bolster the market and in June extended supply curbs into 2024. Next year, demand growth is forecast to slow sharply to 1 million bpd, the IEA said, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles.
The IEA’s demand growth forecast is down by 150,000 bpd from last month and contrasts with that of OPEC, which on Thursday maintained its forecast that oil demand will rise by a much stronger 2.25 million bpd in 2024.
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