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15 Jan, 12:01

Oil demand posts robust annual growth of 1.5 mbd in Q4 2024 — IEA

The IEA has slightly downgraded its outlook on growth of oil demand for 2025 from 1.1 mbd to 1.05 mbd

MOSCOW, January 15. /TASS/. Global oil demand rose seasonally in Q4 2024, posting robust annual growth of 1.5 mln barrels per day (mbd), International Energy Agency (IEA) said, adding that this is the strongest level since Q4 2023 and 260,000 barrels per day (bpd) higher than its previous forecast.

"Lower fuel prices, colder weather across the Northern Hemisphere and abundant petrochemical feedstocks all combined to boost consumption," the agency said in its January report.

The IEA has also slightly downgraded its outlook on growth of oil demand for 2025 from 1.1 mbd to 1.05 mbd.

The demand amounted to 102.9 mbd in 2024, up by 0.9%, or by 936,000 bpd, while in 2025 it is expected to reach 103.96 mbd (up by 1% or 1 mbd), according to the agency.