IEA cuts 2024 global demand oil growth forecast – OMR report

The International Energy Agency (IEA) downgraded the global oil demand growth forecast to 880,000 barrels per day (bpd) for the next year, according to its Oil Market Report (OMR) released on Thursday.

However, the agency raised the global crude demand forecast to 2.3 million bpd in 2023 compared to 2.2 million bpd in pervious forecasts. The report also indicated that OPEC+ voluntary cuts would keep the market in deficit during the fourth quarter of 2023.

Israel-Hamas conflict has had “no direct impact on oil flows”, the report said, but has added geopolitical risk in a region crucial for oil supplies, meaning “markets will remain on tenterhooks as the crisis unfolds.”