The International Energy Agency (IEA) has lowered its forecast for growth in global oil demand for 2024 to 860,000 barrels per day. However, it slightly raised its forecast for 2025 to 1 million barrels per day, quoted by News.bg.
In its October report, the IEA cited weaker demand in China as a key factor in the slowdown.
The revision of the forecast comes amid geopolitical tensions between Israel and Iran, fueling uncertainty in global energy markets. Despite concerns about a conflict in the Middle East that could potentially disrupt oil supplies, the IEA reports that OPEC+'s spare production capacity is at historic highs, offering market confidence.
"As supplies develop, the IEA stands ready to act if necessary. As demonstrated in 2022, the Agency and its Member States can quickly take collective action. The IEA's public stockpiles alone exceed 1.2 billion barrels, with an additional half a billion barrels of stocks held under industry obligations," is added to the report.