The International Energy Agency (IEA) has revised down its forecast for 2024 oil demand growth by 100,000 barrels per day (bpd) to 1.2 million bpd, citing weak OECD deliveries, a post-Covid-19 rebound, and an expanding electric vehicle fleet.
In its latest monthly oil market report, the IEA said it had revised down its 2024 oil demand growth forecast by roughly 100,000 barrels per day to 1.2 million bpd.
It comes as oil prices rebound on elevated Middle East tensions, with energy market participants closely monitoring the prospect of supply disruptions from the oil-producing region.The International Energy Agency on Friday downgraded its forecast for 2024 oil demand growth, citing "exceptionally weak" OECD deliveries, a largely complete post-Covid-19 rebound and an expanding electric vehicle fleet.
The global energy watchdog said that it expected the pace of expansion to decelerate even further to 1.1 million bpd next year "as the post-Covid 19 rebound has run its course." "There has been a lot of talk about sales not increasing as much as maybe was expected, but EV sales and increased fuel efficiencies in the car fleet is lowering gasoline demand, at least in advanced economies and particularly in China."
IEA Oil Demand Forecast Growth Weak Deliveries Post-Covid-19 Rebound Electric Vehicle Fleet
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