IEA Raises 2024 Oil Demand Growth Forecast

The International Energy Agency (IEA) on Thursday raised its global oil demand growth forecast for next year despite an expected economic slowdown, citing an improvement in the outlook for the United States and lower oil prices. World consumption will rise by 1.1 million barrels per day (bpd) in 2024, the Paris-based IEA said in a monthly report, an increase of 130,000 bpd from its previous forecast.

The upward revision reflects "a somewhat improved GDP outlook compared with last month's report," the IEA said. "This applies especially to the US where a soft landing is coming into view." "Falling oil prices act as an additional boost to oil consumption," the agency said.