The International Agency The International Energy Agency (IEA) lowered its forecast for the growth of global oil demand in 2024 due to an expected decline in consumption in China, Reuters reported, quoted by BTA.
The Paris-based organization revised downwards by 7.2 percent its forecast for growth in demand for black gold. The IEA expects daily black gold consumption to increase by 900,000 barrels, down 70,000 barrels from its previous forecast.
"The potential (for growth - ed.) of oil demand in China appears to be running out, while only slight increases or declines are expected in most of the other countries, the international organization said in its monthly report.
It forecasts that demand for black gold in China in 2024 will grow by 180,000 barrels per day. Among the reasons for this situation is the slowdown in economic growth worldwide, combined with an increase in the number of electric vehicles, the agency notes.
However, the International Energy Agency is maintaining its forecast for oil demand in 2025, according to which it will increase by about 950,000 barrels per day. She notes that there could be an oversupply of black gold in the coming year if the countries of the OPEC+ organization continue to implement their plan to reverse their decision to reduce their oil production.