IEA Forecasts Increased Oil Demand in 2023-2024

The International Energy Agency (IEA) has raised its oil demand growth forecasts for 2023 and 2024, citing strong global oil consumption, particularly in China. The agency revised up its 2023 oil demand growth forecast to 2.4 million bpd, with China expected to account for 1.8 million bpd of the growth. The IEA also increased its estimates for oil demand growth in 2024. However, supply growth is also exceeding expectations, and the market could tip into a surplus early next year. Despite concerns about the global economy, the IEA notes that world oil demand continues to exceed expectations.