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IEA upgrades outlook on oil demand growth for 2024 to 920,000 bpd

Global oil demand will total 102.8 mln barrels per day (mbd) in 2024

MOSCOW, November 14. /TASS/. The International Energy Agency (IEA) projects that oil demand will grow by 960,000 barrels per day (bpd) in 2024, the agency said in a report. Consequently, the outlook has been upgraded by 60,000 bpd compared with its previous estimate.

It is projected that global oil demand will total 102.8 mln barrels per day (mbd) in 2024. The outlook for 2025 has been upgraded by 990,000 bpd to 103.8 mbd.

"The slowdown in growth from recent years reflect the end of the post-pandemic release of pent-up demand and below-par underlying global economic conditions, as well as clean energy technology deployment," the report said.

Q3 oil demand growth has been adjusted by 150,000 bpd to 830,000 bpd, the agency added.