IEA: Global oil demand will grow by 2.4 million bpd this year
|In its latest oil market report published on Wednesday, the International Energy Agency (IEA) said that “global oil demand will grow by 2.4 million bpd this year, to a record 102.3 millon bpd.”
Additional takeaways
The shift to a clean energy economy is picking up pace.
A peak in global oil demand is in sight before the end of this decade.
That is helped by growth from the post-pandemic recovery, which is set to end this year.
2024 will mark the end of the post-pandemic demand recovery.
Expects annual oil demand growth to slump to 400k bpd by 2028.
Global oil supply fell by 660,000 bpd to 100.6 mln bpd in may after additional cuts by some OPEC+ producers.
Bearish economic indicators contrast with resurgent oil use in China and India.
Global oil demand will rise by 6% between 2022 and 2028 to 105.7 mln bpd.
2024 will mark end of post-pandemic demand recovery, with growth set for 860,000 bpd.
Market reaction
WTI is cheering the upbeat oil market outlook. The US oil is trading near $70.30, testing session highs. The US oil up 1.26% on the day.
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