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IEA Raises Oil Demand Growth to 1.3mn bpd

OIL

The IEA raised its oil demand growth forecast for this year on a more positive outlook for the US as well as bunker demand support because of Red Sea diversions.

  • It now places oil-demand growth at 1.3 mn bpd from a previous forecast of 1.2 mn bpd.
  • Total demand is forecast to average 103.2 mn bpd from previously 103 mn bpd.
  • The IEA’s global supply-growth forecast was cut to an average of 102.9 mn bpd from 103.8 mn bpd previously after OPEC+ output expectations were lowered by 920,000 bpd.

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