IEA lowers oil demand forecast for 2024

The International Energy Agency has revised downwards its oil demand forecast for 2024. According to the IEA, world oil demand should reach 103 million barrels per day in 2024 and 103.9 million barrels per day in 2025. If the IEA forecasts come true, oil demand will have increased by only 0.9 million barrels per day in 2024 compared with 2023. Chinese demand has fallen for the fourth consecutive month, after having risen by 1.5 million barrels per day in 2023 with the end of the containment. Before the health crisis, China's demand for oil was growing by 1 million barrels a day a year.