Global oil demand growth is beginning to slow markedly, says the IEA, but it is slowing from a considerably higher base than previously expected, with the organization this month revising up its 2024 demand figures by 350,000 b/d. With this new baseline lifting 2025 and 2026 expectations, the headline demand figures are up across the board.
The move brings the IEA into slightly closer alignment with Opec, with the gap between their calculations for last year’s demand now ‘just’ 540,000 b/d. The gap widens to 1.1mn b/d for this year, with the IEA’s forecast demand growth of 740,000 b/d significantly less than Opec’s 1.3mn b/d. (CONTINUED - 918 WORDS)
