MOSCOW, January 18. /TASS/. The International Energy Agency (IEA) predicts that world oil demand growth would decrease to 1.2 mln barrels per day (bpd) in 2024, down from 2.3 mln in 2023, according to the agency's January report.

The IEA attributed the expected decline to the conclusion of the global economic recovery following the pandemic, GDP growth below the forecasts of the leading economies, and a decrease in oil consumption amid road transport electrification.

The agency also noted that China's oil demand growth slowed in the second half of 2023 to 300,000 bpd. However, China will continue to lead in terms of demand growth due to the expansion of the petrochemical sector.

The IEA said that global oil reserves decreased by 8.4 mln barrels in November, reaching their lowest level since July 2022.