In its latest monthly oil market report, the IEA said it had revised down its 2024 oil demand growth forecast by roughly 100,000 barrels per day to 1.2 million bpd.
It comes as oil prices rebound on elevated Middle East tensions, with energy market participants closely monitoring the prospect of supply disruptions from the oil-producing region.The International Energy Agency on Friday downgraded its forecast for 2024 oil demand growth, citing "exceptionally weak" OECD deliveries, a largely complete post-Covid-19 rebound and an expanding electric vehicle fleet.
The global energy watchdog said that it expected the pace of expansion to decelerate even further to 1.1 million bpd next year "as the post-Covid 19 rebound has run its course."
Source: News Formal (newsformal.com)
ICE Brent Crude (Apr'23) Business News
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