IEA revises down estimate of growth in global demand for oil in 2024 by 100 b/d

MOSCOW. June 13 (Interfax) - Global demand for oil in 2024 is projected to grow by 962,000 barrels per day (b/d), the International Energy Agency said in its monthly report published on Wednesday.

A month ago, the agency anticipated global oil demand to grow by 1.062 million b/d. Thus, it has revised its estimate of oil demand growth by around 100,000 b/d.

The adjustment was due to the agency's revision of oil demand in 2023 up by 145,000 b/d to 102.24 million b/d. The agency also revised its oil demand forecast for 2024 by 45,000 d/d to 103.2 million b/d.

The IEA expects oil demand in the world to further grow in 2025 by 1.03 million b/d to 104.23 million b/d year on year. It has lowered its estimate compared to that made last month by 150,000 b/d.

Global observed oil inventories grew in April for the third month in a row by 19.3 million barrels, chiefly owing to growth in on-land stocks by 83.5 million barrels, while oil on water plunged by 64.2 million barrels, the IEA said.