IEA expects oil demand growth to slow in 2024

The International Energy Agency anticipates a slowdown in the growth of oil demand in 2024. The IEA estimates that oil demand will increase by 1.2 million barrels per day in 2024 (compared with 1.33 million forecast three months ago). In 2025, oil demand is expected to increase by 1.1 million barrels per day. The IEA's forecasts are quite different from those of OPEC, which is predicting growth in oil demand of 2.2 million barrels per day in 2024 and 1.8 million barrels per day in 2025. The IEA expects oil consumption to peak in 2030.
Oil prices have been rising steadily since the start of the year, against a backdrop of high geopolitical tensions on two fronts: Ukraine and the Middle East. The low level of stocks (52%, 6% less than the average for recent years) as the period of high consumption gets underway is also driving up prices.