In its monthly report released on Thursday, the International Energy Agency (IEA) has raised its forecast for oil demand growth for the current year, 2024.
Global oil demand is anticipated to increase by 920,000 barrels per day this year, reaching a total of 102.8 million barrels per day (mb/d). This marks an upward revision of 60,000 barrels per day compared to the estimate provided in October, according to the OECD-affiliated agency.
The IEA noted that this adjustment is “largely due to higher-than-expected diesel deliveries from the OECD in the third quarter,” and it revises its forecasts monthly based on current market conditions.
For 2025, the consumption growth estimate remains “essentially unchanged” at just under one million barrels per day (990,000), resulting in global daily consumption projected at 103.8 million barrels.
The anticipated level of oil consumption “once again reflects underlying global economic conditions that are below normal,” according to the IEA.
