IEA lowers forecast for oil demand growth in 2024
8/11/2023 9:35:00 AM
(Reuters) - The International Energy Agency (IEA) on Friday said demand growth for oil next year will be slower than previously forecast, citing lackluster macroeconomic conditions, post-pandemic recovery running out of steam and burgeoning use of electric vehicles.
In 2024, growth is forecast to slow to 1 million barrels per day (bpd), the Paris-based energy watchdog said in its August monthly report, down by 150,000 bpd from its previous forecast.
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