IEA keeps 2024 demand growth forecast largely steady at 970,000 bpd

In its monthly oil market report published on Thursday, the International Energy Agency (IEA) maintained the 2024 global oil demand growth forecast  at 970,000 barrels per day (bpd).

Additional takeaways

2025 global supply growth will reach 1.8 mln bpd, with US, Canada, Guyana and Brazil leading gains.

Oil supply growth in 2024 to hit 770,000 bpd, boosting oil supply to a record 103 mln bpd.

Sees Q3 call on OPEC+ crude 800,000 bpd higher than June output.

Subpar economic growth, greater efficiencies and vehicle electrification to hit demand in 2024, 2025.

China accounted for 70% of global demand gains in 2023 but just around 40% in 2024 and 2025.

Chinese consumption contracted as post-pandemic rebound has run its course.

Oil demand growth slowed to 710,000 in 2024, the lowest quarterly increase in over a year.

Lowers 2025 oil demand growth outlook by 50,000 bpd to 980,000 bpd.