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Financial News: IEA Raises Global Oil Demand Forecast, Lowers Supply

IEA Raises Global Oil Demand Forecast, Lowers Supply Outlook

03/14/2024 - 11:41:00 (RTTNews)

(RTTNews) - An improved outlook for the U.S. economy and increased bunkering is expected to boost the global oil demand this year with consumption returning to post-pandemic trends, and there is a surge in adoption of efficient electric vehicles, the International Energy Agency said in a monthly report on Thursday.

Global oil demand for this year was revised up to 1.3 million barrels per day (bpd), an upward revision of 110,000 bpd from the previous month's report. The Paris-based IEA attributed the upward revision to increased bunker fuel use caused by trade flow disruptions such as the Houti attacks on tankers in the Red Sea that led to longer shipping routes and faster vessel speeds.

Further, surging U.S. ethane demand for its petrochemical sector also support demand.

However, demand growth this year is forecast to be slower than last year's 2.3 million bpd. "The slowdown in growth, already apparent in recent data, means that oil consumption reverts towards its historical trend after several years of volatility from the post-pandemic rebound," the IEA said.

"A weaker economic outlook further tempers oil use, as do efficiency improvements and surging electric vehicle (EV) sales."

The global supply for this year was forecast to grow by 800,000 bpd to 102.9 million bpd, including a downward adjustment to OPEC+ output. The IEA had forecast global oil supply at a record 103.8 million bpd in its January report.

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