LONDON (Reuters) – The International Energy Agency (IEA) on Thursday maintained its forecast for global oil demand growth in 2024, but downgraded it for 2025, citing slowing demand from China.
The post-pandemic economic rebound is ending in China, limiting oil demand, but consumption in developed economies, particularly the United States, is offsetting that slowdown this year, the IEA said in its monthly oil markets report.
The season for major automobile trips in the United States is in fact shaping up to be the most important since the end of the pandemic, and the production cuts decided by the countries of the Organization of the Petroleum Exporting Countries and its allies (OPEC +) are limiting supply, notes the IEA.
“For the moment, supply is struggling to keep up with the peak in summer demand, which is tipping the market into a deficit,” the IEA summarises.
The agency forecasts demand growth of 970,000 barrels per day in 2024 and 950,000 barrels in 2025, compared with growth of 980,000 barrels previously.
(Reporting by Noah Browning; by Corentin Chappron; editing by Kate Entringer)
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