In its monthly oil market report published on Wednesday, the International Energy Agency (IEA) slashed the 2024 global oil demand growth forecast by 100,000 bpd to 960,000 barrels per day (bpd).
Additional takeaways
Sees 2025 oil demand growth at 1 mln bpd amid a muted economy and clean energy technology deployment.
Non-OPEC+ producers led by united states will make up three-quarters of production capacity increase to 2030.
Demand growth to be led by Asian economies, especially by road transport in India and jet fuel, petchems in China.
Oil demand in advanced economies will fall to less than 43 mln bpd by 2030 from close to 46 mln bpd in 2023.
Global oil demand will rise to nearly 106 mln bpd toward end of decade from around 102 mln bpd in 2023.
Supply surplus this decade should make oil companies examine their strategies.
Global oil demand set to peak by 2029 at 105.6 mln bpd and contract narrowly in 2030.
By 2030 oil supply capacity will rise to nearly 114 mln bpd or 8 mln bpd above global demand.
Market reaction
At the time of writing, WTI is testing eight-day highs near $78.50, up 0.55% on the day.
