Global oil demand rise by 870,000 bpd in Q2: IEA

The International Energy Agency (IEA) said on Tuesday that global oil demand rose by 870,000 barrels per day in the second quarter of 2024, despite a remarkable slowdown in China's oil demand growth.

Global supplies rose by 230,000 bpd to 103.4 million bpd in July, as a large increase in OPEC+ production offset a decline in supply from outside it, the agency said in its August oil market report.

It also pointed out that oil consumption in the Organization for Economic Cooperation and Development (OECD) shifted from a contraction of 300,000 bpd during the first quarter year-on-year to a growth of about 190,000 bpd in the second quarter.

The agency expects global refinery output to rise by 840,000 bpd to 83.3 million bpd in 2024 and by 600,000 bpd to 83.9 million bpd next year.