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The International Energy Agency, IEA, has reviewed its oil demand forecast for 2024 citing weaker deliveries from the Organization for Economic Cooperation and Development, OECD.
In its April oil report, the energy agency lowered the growth outlook for this year by 130,000 barrels per day (bpd) to 1.2 million barrels per day
The IEA’s recent oil report shows a slower global oil demand growth of 1.6 million barrels per day (mbbl/d) in the first quarter (Q1) of 2024.
The IEA’s recent oil report shows slower global oil demand growth of 1.6mbbl/d in Q1 2024 due to “exceptionally weak” deliveries by the OECD countries.
The IEA’s 2025 forecast shows that the “pace of expansion will decelerate further, to 1.1 mbpd [million barrels per day] next year as the post-Covid 19 rebound has run its course.”
According to the IEA, China’s impact on the worldwide surge in oil consumption is expected to decline from 79 per cent in 2023 to 45 per cent in 2024 and 27 per cent the following year. It said that the timing of lockdown measures in China was notably different from the rest of the world, and global oil demand growth relied heavily on the country in 2023.
“With the explosive phase of the pandemic rebound largely complete elsewhere, China contributed to more than three-quarters of the global increase in demand (1.7 mb/d [million barrels per day] out of 2.3 mb/d),” the IEA commentary said .
According to the IEA January report, India is expected to be the largest contributor to global oil demand growth between 2023 and 2030, just ahead of China.
