MOSCOW, February 15. /TASS/. The growth of global oil demand will slow down to 1.2 mln barrels per day in 2024 from 2.3 mln barrels per day in 2023, the IEA (International Energy Agency) said in its February Oil Market Report. Consequently, the outlook for this year has remained intact since the previous report was published.

In absolute terms, the demand for oil may reach record 103 mln barrels per day in 2024.

Oil demand growth went down to 1.8 mln barrels per day in Q4 2023 from 2.8 mln barrels per day in Q3, with China accounting for 830,000 barrels per days of the decrease, the agency noted.

India, China and Brazil are expected to become the main drivers of oil demand growth in 2024, the IEA said, adding that those countries would ensure 78% of the demand increase.