IEA downgrades oil demand growth forecast as prices heat up on elevated Middle East tensions
The International Energy Agency on Friday downgraded its forecast for 2024 oil demand growth, citing “exceptionally weak” OECD deliveries, a largely complete post-Covid-19 rebound and an expanding electric vehicle fleet. In its latest monthly oil market report, the IEA said it had revised down its 2024 oil demand growth forecast by around 100,000 barrels per day (bpd) to 1.2 million bpd. The global energy watchdog said that it expected the pace of expansion to decelerate even further to 1.1 million bpd next year “as the post-Covid 19 rebound has run ...
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