IEA cuts 2024 crude demand growth forecast, sees 2029 peak
Investing.com - The International Energy Agency cut its oil demand growth forecast for 2024 on Wednesday, putting its views further at odds with the projections of OPEC.
“Subpar growth of 1 million bpd in 2025 is held back by a muted economy and accelerating clean energy technology deployment,” the IEA said, in its monthly report “On that basis, global oil supply looks set to rise by 690 kb/d on average this year, led by a 1.4 mb/d increase from non-OPEC+ countries. Next year could see gains of 1.8 mb/d in total, with non-OPEC+ up 1.5 mb/d and OPEC+ 320 kb/d higher,” the IEA said.
In a separate document, reported by Reuters, the IEA forecast global oil demand peaking by 2029 and beginning to contract the following year, as the U.S. and other non-OPEC countries add to supply.
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