The IEA Has Cut Its Oil Demand Growth Forecast for 2024

Global oil demand growth is expected at just 1.1 million barrels per day (bpd) this year, due to weak first-quarter consumption in developed economies, the International Energy Agency (IEA) said on Wednesday, cutting its growth forecast by 140,000 bpd from its assessment last month. Weak deliveries of middle distillates in Europe and the United States were “enough to tip OECD oil demand in the first quarter back into contraction,” said the agency, whose demand growth projection is now less than half of the growth OPEC expects…