The International Energy Agency (IEA) revised its 2024 global oil demand growth forecast to 920,000 bpd and kept its 2025 estimate steady at 1 million barrels per day.
In its November report, the IEA emphasized that the slowdown in growth compared to previous years was due to "the end of the release of pent-up demand after the pandemic" and weaker than expected global economic conditions. Additionally, OPEC+ has delayed its voluntary output cuts until January at the earliest, and non-OPEC+ producers are expected to increase output by about 1.5 million barrels per day both this year and 2025.
"Global oil prices eased from highs since early October as market attention again shifted from supply risks to concerns about the health of the global economy, weak oil demand and ample supply," the IEA reported.
Interim data showed that total global inventories fell for the fifth consecutive month in October.