MOSCOW, May 15. /TASS/. The International Energy Agency (IEA) has lowered its forecast for global oil demand growth in 2024 again - now by 140,000 barrels per day (bpd) compared to the previous estimate, to 1.1 million bpd, the organization's report says.

In 2025, demand growth will slightly exceed this year’s level and amount to 1.2 million bpd.

In 2024, oil demand can be just over 103 million bpd. In the April report, the organization expected demand to grow by 1.2 million bpd this year (130,000 bpd less than in March), and by 1.1 million bpd in 2025.

The agency notes that lower fuel use, mainly in Europe amid a mild winter and lower industrial activity, led to lower demand in OECD countries in the first quarter.

Global commercial oil inventories rose by 34.6 million barrels in March. OECD stockpiles fell by 8.8 million barrels in March to a twenty-year low, while non-OECD stockpiles increased for the first time since November. According to preliminary data, oil reserves continued to grow in April.