IEA Cuts 2024 Oil Demand Growth Forecast

Global oil demand growth is slowing due to “exceptionally weak” deliveries in developed economies at the start of the year, the International Energy Agency (IEA) said on Friday as it revised down its 2024 world demand growth forecast by 100,000 barrels per day (bpd). The rise in oil consumption continues to lose momentum, with first-quarter growth estimated at 1.6 million bpd, which is 120,000 bpd below the IEA’s previous forecast, the agency said in its Oil Market Report today. With most of the post-Covid rebound behind…