Oil demand should increase by only one million barrels per day in 2024

According to the International Energy Agency, world oil demand is set to grow by just one million barrels a day in 2024 and 2025. The growth in demand is significantly lower than in 2023 (2.1 million barrels per day). In the second quarter, oil demand increased by 870,000 barrels per day, with a fall in demand in China. Oil supply, meanwhile, is expected to grow by 730,000 barrels per day in 2024 and by 1.9 million barrels per day in 2025. OPEC+ production is expected to fall by 760,000 barrels a day as a result of production restrictions introduced to support oil prices. OPEC is forecasting an increase in oil demand of 2.25 million barrels per day in 2024.