IEA cuts oil demand forecast for 3rd straight month

15/10/2024 Argaam
IEA's headquarters

IEA's headquarters

The International Energy Agency (IEA) trimmed for the third straight month its 2024 oil demand forecast, as China's slowdown in consumption accelerates the global outlook.

 

Global oil demand to likely to grow by 862,000 barrels per day (bpd) this year, from 903,000 bpd previously. It, however, slightly raised its growth estimate for 2025 to 998,000 bpd.

 

The Paris-based agency currently sees oil demand averaging 102.8 million and 103.8 million bpd this year and next year, respectively.

 

It explained that Chinese oil demand remains below expectations and is the key factor hindering overall growth.

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