IEA Raises Oil Demand Growth Forecasts Despite Economic Gloom

IEA Raises Oil Demand Growth Forecasts

The International Energy Agency (IEA) has increased its oil demand growth forecasts for this year and the next. This is in spite of an anticipated slowdown in economic growth across most major economies.

Resilient U.S. Deliveries and Record September Demand from China

This year, oil demand has been bolstered by strong U.S. deliveries and a record demand from China in September. Additionally, expectations for 2024 are supported by the prospect of interest rate cuts and the recent decline in crude prices, as per the Paris-based agency’s report.

Market Balances Vulnerable to Economic and Geopolitical Risks

According to the IEA, with demand still outstripping available supplies as the Northern Hemisphere winter approaches, market balances will remain susceptible to heightened economic and geopolitical risks, signaling further volatility ahead.