IEA cuts 2024 global oil demand growth forecast to 903,000 b/d

Dhwani Mehta FXStreet

In its monthly oil market report published on Thursday, the International Energy Agency (IEA) cut 2024 global oil demand growth forecast to 903,000 barrels per day (b/d) from 970,000 b/d.

Additional takeaways

China slowdown will continue to weigh on global oil demand growth.

Global oil-demand growth continues to decelerate.

Global demand rose by 800,000 b/d on year in 1H.

Global downturn driven by rapid slowdown in Chinese consumption.

Keeps 2025 global oil-demand growth forecast broadly stable at 954,000 b/d.

Trims 2024 total demand forecast to average of 103 mln b/d from 103.1 mln b/d.

Keeps 2024 non-OPEC+ production growth estimate at 1.5 mln b/d.

Trims 2025 total demand forecast to average of 103.9 mln b/d from 104 mln b/d.

Keeps 2025 non-OPEC+ production growth estimate at 1.5 mln b/d.

Global oil supply rose by 80,000 b/d in August, partly due to libyan losses.

Keeps 2024 total oil-supply forecast at average of 102.9 mln b/d.

Slightly raises 2025 total oil-supply forecast to average of 105 mln b/d from 104.9 mln b/d.

Lowers 2024 global refinery output forecast to 83 mln b/d from 83.3 mln b/d.

Lowers 2025 global refinery output forecast to 83.7 mln b/d from 83.9 mln b/d.

Russian oil exports fell by 290,000 b/d on-month to 7 mln b/d in August.

Russian commercial export revenue fell by $1.6 bln on-month to $15.3 bln in August.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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