The International Energy Agency (IEA) revised upwards, in its monthly report published on Thursday, its forecasts for an increase in oil demand for the current year 2024.
Global oil demand is expected to increase by 920,000 barrels per day this year, to 102.8 million barrels per day (mb/d), an upward revision of 60,000 barrels per day from the previous estimate. October, indicates this agency reporting to the OECD.
This adjustment is explained “largely by larger than expected deliveries of OECD diesel in the third quarter”, according to the IEA, which reviews its forecasts monthly depending on the economic situation.
For 2025, the estimate for growth in oil consumption is “essentially unchanged” at less than one million barrels per day (990,000), which would bring global daily consumption to 103.8 million barrels.
The forecast level of oil consumption “again reflects sub-normal underlying global economic conditions”, according to the IEA.
APS
