LONDON: The International Energy Agency (IEA) lowered its oil demand growth forecast for 2024 in its monthly report on Thursday, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption.
The Paris-based agency revised its demand growth forecast to 880,000 barrels per day (bpd) for next year, from its previous forecast of 1 million bpd growth.
However, it bumped up its 2023 demand forecast to 2.3 million bpd from a previous forecast of 2.2 million.