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IEA raises forecast for global oil demand growth in 2024 by 110,000 bpd

The IEA noted that the decline in oil demand growth in 2024 shows that global oil consumption is returning to historical trends after years of volatility due to the recovery from the pandemic

MOSCOW, March 14. /TASS/. Global oil demand growth will slow down to 1.3 mln barrels per day (bpd) in 2024 from 2.3 mln bpd in 2023, the International Energy Agency (IEA) said in its March report. The forecast for 2024 has been increased by 110,000 bpd compared to the previous estimate.

According to the IEA, in the Q1 of 2024the increase in oil demand to 1.7 mln bpd will be higher than expected due to an improved forecast for the United States and increased bunkering volumes.

The IEA noted that the decline in oil demand growth in 2024 shows that global oil consumption is returning to historical trends after years of volatility due to the recovery from the pandemic. According to the report, oil demand growth will increasingly shift towards non-OECD countries, while China's dominance will gradually decline.