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IEA lowers global oil demand growth projection for the year

2024-12-30FOREXLIVEFOREXLIVE
The energy watchdog continues to maintain that supply is due to outpace demand in the longer-term
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  • 2024 global oil demand growth forecast lowered by 100k to 960k bpd
  • 2025 global oil demand growth forecast seen at 1 mil bpd amid muted economic outlook
  • Global oil demand set to peak by 2029 at 105.6 mil bpd
  • By 2030, oil supply capacity will rise to nearly 114 mil bpd or 8 mil bpd above global demand

As an aside, the IEA forecasts have been largely conflicting with OPEC+ for a while now. The former remains more bearish on the oil market while the latter is taking on a more bullish outlook.

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