global oil demand in 2024 will increase by 1.2-1.3 million bpd – Kommersant

global oil demand in 2024 will increase by 1.2-1.3 million bpd – Kommersant

The head of the International Economic Agency, Fatih Birol, said that the growth rate of global oil demand in 2024 will slow to 1.2-1.3 million bpd. At the same time, he predicted that the situation on the global oil market will remain comfortable this year, because increasing supplies by several countries will satisfy demand and contain prices, reports Interfax.

The IEA chief said the slowdown in global oil demand growth in 2024 comes as economic growth slows in China and many other parts of the world. In January, the IEA estimated global oil demand growth in 2023 at 2.254 million bpd.

Mr. Birol believes that increased demand this year will compensate for increased oil production in countries such as the USA, Canada, Brazil and Guyana. He noted that the comfortable situation in the oil market will continue this year, unless major geopolitical upheavals or extreme weather events occur.

The IEA chief also reiterated the agency’s forecast that global oil demand will plateau by the end of the current decade as the world seeks to transition away from fossil fuels to limit its impact on the climate.

Mr. Birol also said that OPEC countries are currently demonstrating “good discipline” in implementing agreements to reduce oil production. He warned the organization against further reductions in production, because this, in his opinion, could lead to higher prices and accelerated inflation.

About the IEA country forecast for oil consumption – in the material “Kommersant” “India will add to oil demand”.

Erdni Kagaltynov

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