FX.co ★ IEA expects lower oil demand growth in 2024

The International Energy Agency (IEA) downgraded its oil demand growth forecast to 1.2 million barrels per day (bpd) for 2024. The agency revises its forecasts every month.

The global energy watchdog presented a more optimistic forecast in March, anticipating energy demand at 103.176 million bpd. According to revised estimates, global energy demand is now expected at 103.166 million bpd on average this year.

The IEA also updated its estimates for the energy consumed in 2023: 101.946 million bpd versus 101.842 million bpd in the previous report. Besides, the agency says in April that the pace of oil demand growth is likely to decline to 1.202 million bpd in 2024 versus 1.334 million bpd estimated in March. IEA experts admit that such revision is a common practice.

The watchdog also predicted some improvement in global oil demand by 2025 to 103.312 million bpd.