IEA lifts 2023 and 2024 global oil demand growth forecast

In its monthly oil market report published on Tuesday, the International Energy Agency (IEA) raised the global oil demand growth forecast for 2023 and 2024.

Key takeaways

Raises 2024 global oil demand growth forecast to 930,000 bpd (prev. 880,000 bpd).

Lifts 2023 global oil demand growth forecast to 2.4 mln bpd (prev. 2.3 mbpd).

Saudi-Russia cuts set to keep oil market in a significant deficit through year-end.

With oil demand growth set to slow, the market could shift into surplus at the start of 2024.

Chinese oil demand rose to record high of 17.1 mln bpd in Sept.

There has been no material impact on oil supply flows from the Israel-Hamas war.

Russian oil exports eased by 70,000 bpd in Oct to 7.5 mbpd.

Market reaction

WTI is off the daily highs but holds above $78 on the above findings, down 0.23% on the day.