IEA: oil demand growth to halve in 2024

According to the International Energy Agency, the demand for oil this year will reach a record level. However, growth will be somewhat less than previously expected. Growth is projected to halve to 1.1 million barrels per day in 2024 as energy efficiency increases, Kommersant writes.

According to the IEA forecast, global oil demand in 2023 will grow by 2.2 million b/d and reach 102.1 million b/d. Such indicators will become a new record. At the same time, the agency reports that the downturn in the manufacturing industry for the first time this year forced experts to revise the forecast downward by 220,000 bpd.

Global oil supplies reportedly rose by 480,000 b/d to 101.8 million b/d in June, but will fall sharply in July, including as Saudi Arabia voluntarily cuts production by 1 million bpd.

In June, the IEA reported that global oil consumption in 2023 will be 102.3 million b/d (2022 ended with an average demand of 99.8 million b/d). The agency's forecast for 2023 was increased, among other things, due to increased demand for oil from China. The counter world oil supply, according to the IEA, was to reach a record 101.3 million bpd, and in 2024 it would grow to 102.3 million bpd.