IEA: 2024 world oil demand growth forecast raised by 180k bpd

In its monthly oil market report published on Thursday, the International Energy Agency (IEA) lifted the global oil demand growth forecast for 2024.

Key takeaways

2024 world oil demand growth forecast raised by 180k bpd to 1.24 mil bpd.

Economic outlook has improved over the last few months amid dovish pivot in central bank policy.

Q4 2023 slump in oil prices to act as additional tailwind.

Strong growth from non-OPEC+ producers could lead to substantial surplus if OPEC+ cuts are unwound.

Barring significant disruptions to oil flows, market looks reasonably well supplied in 2024.