Natalie Grover

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IEA lowers 2024 oil demand growth forecast

The International Energy Agency (IEA) on Friday said demand growth for oil next year will be slower than previously forecast, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles. Growth is forecast to slow to 1 million barrels per day (bpd) in 2024, the Paris-based energy watchdog said in its August monthly oil market report, down by 150,000 bpd from its previous forecast. “The global economic outlook remains challenging in the face of soaring interest rates and tighter bank credit, squeezing businesses that

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IEA sees slower 2024 oil demand growth, tightening market this year

The International Energy Agency (IEA) on Friday said demand growth for oil next year will be slower than previously forecast, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles. Growth is forecast to slow to 1 million barrels per day (bpd) in 2024, the Paris-based energy watchdog said in its August monthly oil market report, down by 150,000 bpd from its previous forecast. “The global economic outlook remains challenging in the face of soaring interest rates and tighter bank credit, squeezing businesses that

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IEA flags risk of higher oil prices, cuts 2024 demand view

– The International Energy Agency (IEA) on Friday said OPEC+ supply cuts could erode inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024. Tighter supply driven by OPEC+ oil output cuts and rising global demand has underpinned a rally in oil prices, with Brent crude hitting highs of over $88 a barrel on Thursday, the highest since January. The IEA said if OPEC+ current targets are maintained, oil inventories could draw by 2.2 million barrels per day (bpd) in the

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Oil prices could rise further this year, but 2024 demand to slow sharply: IEA

OPEC+ supply cuts could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024, the International Energy Agency (IEA) said on Friday. Tighter supply driven by oil output cuts from OPEC and its allies, together known as OPEC+, and rising global demand have underpinned a rally in oil prices, with Brent crude hitting highs of over $88 a barrel on Thursday, the highest since January. The IEA said if OPEC+ current targets are maintained, oil inventories could draw by