The International Energy Agency said on Thursday that global oil demand growth is losing momentum as the agency revised down its growth forecasts for 2024.
According to the agency, the growth rate is expected to slow down to 1.22 million barrels per day in 2024, which is about half of the growth we witnessed last year. This is partially due to the sharp slowdown in Chinese consumption.
Previous expectations indicated that the demand for oil would grow by 1.24 million barrels per day in 2024.
The International Energy Agency stated that the phase of significant growth in global oil demand after the coronavirus pandemic has largely ended.
The International Energy Agency has revised its predictions regarding global oil supply growth in 2024, increasing it to 1.7 million barrels per day, reaching an unprecedented level of 103.8 million barrels per day, with support from supplies outside OPEC+.
