The International Energy Agency (IEA) on Thursday made a further upward revision to its 2024 oil demand growth forecast, though its projection remains dramatically lower than producer group OPEC’s expectations.
The Paris-based agency’s forecast, its third consecutive upward revision in as many months, predicts that global oil consumption will rise by 1.24 million barrels per day (bpd) in 2024, compared with OPEC’s 2.25 million bpd projection.
The IEA and OPEC have clashed in recent years over issues such as long-term demand and the need for investment in new supplies.
