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Global Fossil Fuel Demand to Hit Record in 2024: EIU

OIL

Global demand for fossil fuels is expected to hit a new record in 2024, according to a report by the Economist Intelligence Unit (EIU).

  • Oil demand is expected to rise by 1.7% on the year in 2024, despite elevated prices.
  • The EIU expects oil prices to remain high in 2024, driven by OPEC’s attempts to taper supply.
  • “In response to still-high prices and continued demand growth, at least in non-OECD economies, we expect a supply response of about 1.2 million barrels a day from producers in 2024,” the report said.
  • “Only about 540,000 barrels a day will come from OPEC, owing to cuts in production quotas announced," it added.
  • The EIU expects U.S. producers to hit a record supply output level of 19.2m b/d as the US looks to fill the supply deficit.
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