The International Energy Agency (IEA) announced a downward revision in global oil demand forecasts, primarily attributed to reduced demand in Europe.
The latest monthly report on the oil market projects a smaller increase in global demand for 2024, with estimates now at 1.1 million barrels per day, down by 140,000 barrels compared to the previous month, totaling 103.2 million barrels per day.
However, the forecast for 2025 shows a slight uptick in growth, reaching 104.5 million barrels per day from the previous estimate of 1.2 million barrels per day.
The report highlights that the surge in oil demand continues to be driven by emerging economies, particularly China.
