For the third month in a row, the IEA lowered its forecast for oil demand growth this year. The IEA predicts that the growth rate of global oil demand will slow from 903,000 b/d to 862,000 b/d this year, and the growth rate of global oil demand will rise slightly from 954,000 b/d to 998,000 b/d next year. Furthermore, total demand is currently estimated at an average of 102.8 million barrels and 103.8 million barrels in 2024 and 2025, respectively. The IEA's predictions are still far below OPEC's. Earlier this week, OPEC lowered its forecast for the third time in a row, but still believes that demand growth this year and next will remain at healthy levels of 1.93 million barrels and 1.64 million barrels per day.

For the third month in a row, the IEA lowered its forecast for oil demand growth this year. The IEA predicts that the growth rate of global oil demand will slow from 903,000 b/d to 862,000 b/d this year, and the growth rate of global oil demand will rise slightly from 954,000 b/d to 998,000 b/d next year. Furthermore, total demand is currently estimated at an average of 102.8 million barrels and 103.8 million barrels in 2024 and 2025, respectively. The IEA's predictions are still far below OPEC's. Earlier this week, OPEC lowered its forecast for the third time in a row, but still believes that demand growth this year and next will remain at healthy levels of 1.93 million barrels and 1.64 million barrels per day.