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IEA Trims 2024 Global Oil Demand Growth by 140kbd

OIL

The outlook for global oil demand growth continues to soften this year according to the IEA in its latest monthly report.

  • World fuel consumption will increase by 1.1mn bpd in 2024, about 140,000 bpd less than last months forecast by the IEA – the second consecutive monthly trim for the figure.
  • “Poor industrial activity and another mild winter have sapped gasoil consumption this year, particularly in Europe, where a declining share of diesel cars in the fleet were already undercutting consumption,” the IEA said.
  • Despite lower growth forecast, the IEA expects consumption to remain on track for an annual record of 103.2mn bpd this year.
  • Oil demand growth in non-OECD countries will be more balanced, with China’s dominance fading as the country faces persistent economic challenges the IEA forecasts.
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