In its monthly market report, oil The International Energy Agency (IEA) cut its forecast for global oil demand growth through 2024 to 903,000 barrels per day (b/d) from 970,000 b/d, the report said on Thursday.
Extra points
China’s slowdown will continue to weigh on global oil demand growth.
Global oil demand growth continues to slow.
Global demand rose by 800,000 b/d year-on-year in the first half.
The global slowdown is driven by the rapid slowdown in Chinese consumption.
Maintains forecast for global oil demand growth in 2025 at 954,000 b/d.
Cuts total demand forecast for 2024 to an average of 103 million b/d from 103.1 million b/d.
Maintains non-OPEC+ production growth estimate for 2024 at 1.5 million b/d.
Cuts total demand forecast for 2025 to an average of 103.9 million b/d from 104 million b/d.
Maintains non-OPEC+ production growth estimate for 2025 at 1.5 million b/d.
Global oil supply rose by 80,000 b/d in August, partly due to Libyan losses.
Maintains total oil supply forecast for 2024 at an average of 102.9 million b/d.
Total oil supply forecast for 2025 slightly increased to an average of 105 million b/d from 104.9 million b/d.
Lowers global refinery production forecast for 2024 to 83 million b/d from 83.3 million b/d.
Lowers global refinery production forecast for 2025 to 83.7 million b/d from 83.9 million b/d.
Russian oil exports fell by 290,000 b/d on the month to 7 million b/d in August.
Russian trade export revenues fell by $1.6 billion on the month to $15.3 billion in August.
Source: Fx Street
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