Amid an increasingly bullish oil market which has pushed Brent prices above $90/B for the first time since October last year, the IEA this week cut against the grain and revised down its demand expectations for this year.

The week had begun with trading firms forecasting gangbuster growth for 2024 at the Financial Times Commodities Global Summit in Lausanne. Vitol CEO Russell Hardy said his firm sees global demand growth of 1.9mn b/d this year, while hedge fund Citadel’s Sebastian Barrack warned of extremely tight markets and high prices in the second half of this year unless Opec+ eases its cuts. (CONTINUED - 779 WORDS)