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IEA revises up oil demand forecast for 2024

by ChemOrbis Editorial Team - content@chemorbis.com
  • 19/01/2024 (15:12)
The International Energy Agency (IEA) revised its oil demand growth forecast up by 180,000 barrels/day for 2024 in its monthly Oil Market Report for January. Accordingly, IEA expects oil demand to grow by 1.24 million barrels/day in 2024.

This revision marked the third consecutive increase in the projection, although it fell short of OPEC’s estimation of 2.25 million barrels/day.

IEA pointed to the growth of the global economy and the expansion of China’s petrochemicals sector as the reasons behind the revision. On the other hand, the agency stated that there is an increased risk of disruptions to the global oil supply, particularly from the ongoing conflict in the Middle East.

Additionally, the Paris-based agency expects world oil supply for 2024 to rise by 1.5 million barrels/day to a new high of 103.5 million barrels/day in 2024.

Meanwhile, the report said that the market looked reasonably well supplied in 2024 and a surplus could emerge if OPEC and its allies unwind output cuts as scheduled in the second quarter. However, production cuts of OPEC countries could keep the oil market in a small deficit in the beginning of 2024, the agency added.
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