IEA: Global oil demand will grow by 2.4 million bpd this year

Dhwani Mehta FXStreet

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.

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.

EUR/USD clings to humble gains around 1.1780

EUR/USD manages to reverse Tuesday’s pullback, sticking to daily gains around 1.1780 following an earlier bull run past 1.1800 the figure. The pair’s slight advance comes on the back of the equally marginal uptick in the US Dollar, as investors continue to closely follow developments on the trade front and news from the White House.

GBP/USD clings to small gains above 1.3500

GBP/USD is posting moderate gains above 1.3500 on Wednesday. The pair edges higher as the US Dollar meets fresh supply amid a modest improvement seen in risk sentiment following US President Donald Trump’s first State of the Union address.

Gold rises toward $5,200, supported by geopolitics and trade jitters

Gold buyers are back in the game, eyeing $5,200 and beyonf on Wednesday after seeing a correction from monthly highs on Tuesday. The US Dollar slips after Trump’s SOTU fails to impress and as AI-driven worries ease. Dovish Fed bets also weigh. Gold looks north so long as the key 61.8% Fibo resistance at $5,142 holds on the daily chart.

Bitcoin, Ethereum and Ripple post cautious recovery amid downside risks

Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week. BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.

Nvidia remains at the heart of the AI boom

Nvidia remains at the heart of the AI boom, with Q4 revenue projected near $65.6–66.1 billion, nearly 70% higher year-over-year. But investors are watching cash flow, leverage, and broader AI adoption. Growth is strong, but the AI stress isn’t over.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.