IEA Lowers 2024 Oil-Demand Growth Forecast on Slow Start of the Year

The International Energy Agency has lowered its forecast for oil-demand growth this year due to reduced gasoil consumption in some of the world’s largest economies, particularly in Europe. Oil-demand growth is now projected at 1.1 million barrels a day, down from the previous estimate of 1.2 million barrels a day. Despite the downward revision, total demand is still expected to average 103.2 million barrels a day.