IEA Adjusts 2024 Oil Demand Forecast Amid Slowing Global Growth

The International Energy Agency (IEA) has reduced its 2024 oil demand growth forecast by 70,000 barrels per day, or about 7.2%, to 900,000 bpd. The primary reason cited is a slowdown in Chinese demand, influenced by a broader macroeconomic slowdown and a rising adoption of electric vehicles.

The International Energy Agency (IEA) has revised its 2024 oil demand growth forecast downward, reducing it by 70,000 barrels per day, bringing the total expected growth to 900,000 barrels per day. This adjustment represents a reduction of approximately 7.2%, according to the agency's monthly oil market report released on Thursday.

The Paris-based IEA attributes this significant reduction to a deceleration in Chinese demand, which it now projects to grow by just 180,000 barrels per day in 2024. This slowdown in demand comes amidst a broader macroeconomic downturn in China, compounded by an increased adoption of electric vehicles.

The report underscores the growing impact of economic trends and technological shifts on global energy markets, highlighting the need for continued monitoring and adaptive strategies.

(With inputs from agencies.)