IEA revises higher 2024 oil demand growth forecast
2024 world oil demand growth forecast raised by 180k bpd to 1.24 mil bpdEconomic outlook has improved over the last few months amid dovish pivot in central bank policyQ4 2023 slump in oil prices to act as additional tailwindStrong growth from non-OPEC+ producers could lead to substantial surplus if OPEC+ cuts are unwoundBarring significant disruptions to oil flows, market looks reasonably well supplied in 2024That's now three months in a row that the IEA has revised higher its oil demand growth forecast for this year. That said, the IEA's projection is much more conservative as compared to the supposed 2.25 mil bpd forecast made by OPEC. So, there's that. This article was written by Justin Low at www.forexlive.com.
- 2024 world oil demand growth forecast raised by 180k bpd to 1.24 mil bpd
- Economic outlook has improved over the last few months amid dovish pivot in central bank policy
- Q4 2023 slump in oil prices to act as additional tailwind
- Strong growth from non-OPEC+ producers could lead to substantial surplus if OPEC+ cuts are unwound
- Barring significant disruptions to oil flows, market looks reasonably well supplied in 2024
That's now three months in a row that the IEA has revised higher its oil demand growth forecast for this year. That said, the IEA's projection is much more conservative as compared to the supposed 2.25 mil bpd forecast made by OPEC. So, there's that.
