IEA rasies 2023 global oil demand growth forecast, cuts 2024 outlook

In its monthly oil market report, the International Energy Agency (IEA) raised the global oil demand growth forecast for 2023 while downgrading it for the next year.

Key takeaways

2024 global oil demand growth forecast cut to 880k bpd (previously 1 million bpd).

Harsher economic conditions and energy efficiency improvements.

Recent oil price pullback reflects demand destruction.

2023 global oil demand growth forecast bumped up to 2.3 million bpd (previously 2.2 million bpd).

Cites less worse conditions in China, India, and Brazil.

Market reaction

WTI is challenging daily highs near $83.10 on the above findings, adding 1.11% on the day.