IEA Trims Oil Demand Forecast on Weakness in Wealthier Countries
(Reuters) — The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Friday, citing lower than expected consumption in OECD countries and a slump in factory activity.
The Paris-based energy watchdog lowered its growth outlook for this year by 130,000 barrels per day (bpd) to 1.2 million bpd, adding that the release of pent-up demand by top oil importer China after easing COVID-19 curbs had run its course.
"Delivery data for many countries came in on the soft side, as unusually warm late-winter weather curtailed OECD heating fuel use by more than normal," the IEA said in its monthly oil report.
"Additionally, the protracted factory slump in advanced economies continued to depress demand for industrial fuels."
Demand growth in 2025 will edge down to 1.1 million bpd, with global GDP growth forecast to remain steady and electric vehicle expansion expected to gather pace, it said.
The IEA noted that China's contribution to the global increase in oil demand is set to weaken from 79% in 2023 to 45% in 2024 and 27% next year.
Related News
Related News
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- U.S. Appeals Court Strikes Down Controversial Biden Pipeline Safety Rules
- Texas Oil Pipelines Near Max Capacity, Threatening Future Export Limits
- Williams Seeks Emergency Certificate to Operate $1 Billion Mid-Atlantic Gas Pipeline After Court Reversal
- U.S. Court Overturns FERC Approval for NextDecade’s $18 Billion Rio Grande LNG Project
- Saudi Arabia Looking to Expand Pipeline to Reduce Oil Exports via Gulf
- Report: Houston Region Poised to Become a Global Clean Hydrogen Hub
- Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977
- Puerto Bahia, Gasco to Build Liquefied Petroleum Gas Facility in Cartagena, Colombia
- Sempra's Costa Azul LNG Project Delayed by Labor Issues
Comments