IEA lowers 2024 global oil demand growth forecast to 1 million bpd

In its monthly oil market report, the International Energy Agency (IEA) lowers the 2024 global oil demand growth forecast to 1 million barrels per day (bpd), down 150,000 bpd from the previous forecast.

Additional takeaways

World oil demand hit a record 103 million bpd in June and August could see yet another peak.

Global oil demand is set to expand by 2.2 million bpd in 2023, steady from previous forecast.

Global oil supply plunged by 910,000 bpd July in part due to sharp reduction in saudi output.

Russian oil exports held steady at around 7.3 mbpd in July.

If OPEC+ current targets are maintained, oil inventories could draw by 2.2 mbpd in Q3 and 1.2 mbpd in Q4, with a risk of driving prices still higher.