MOSCOW, December 12. /TASS/. The International Energy Agency (IEA) has lowered its forecast for oil demand growth in 2024 by 80,000 barrels per day (bpd), to 840,000 bpd, due to weaker data from China, Saudi Arabia and Indonesia, the organization’s report says.

In 2024, oil demand will amount to 102.8 million bpd. The IEA estimates supply at 104.9 million bpd, expecting a small surplus of 100,000 bpd of oil on the market.

Global oil demand is expected to accelerate to 1.1 million bpd next year, up from 840,000 bpd in 2024, pushing consumption in 2025 to 103.9 million bpd, the report said.

The forecast was revised down mainly due to Asian countries, especially China and its economic stimulus measures.

The annual increase of 320,000 bpd in the third quarter was the smallest since the fourth quarter of 2020 for non-OECD economies.

As for the OECD countries, the IEA recorded a slight increase in consumption-by 20,000 bpd - for the first time in 2024. In November, global oil supply increased by 130,000 bpd due to increased production in Kazakhstan and ongoing recovery in Libya, as well as OPEC+, the IEA notes. In November, global oil supply increased by 130,000 bpd, to 103.4 million bpd (an increase of 230,000 bpd year-on-year). Global oil supplies are expected to increase by 630,000 bpd - to 102.9 million bpd in 2024, by 1.9 million bpd, to 104.8 million bpd in 2025. Next year, non-OPEC+ countries will account for more than 70% of the growth, mainly due to production in America.