2024-01-19 13:37:00
(Ecofin Agency) – In December 2023, the International Energy Agency (IEA) revised its demand growth projection for 2024 by around 130,000 b/d, considering a growth in demand of 1.1 million b/d for this year.
On Thursday, January 18, global oil markets experienced a substantial increase following consistent projections from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) regarding global demand.
In its latest monthly report published on the same day, the IEA forecast crude oil demand growth of 1.24 million b/d in 2024, an increase of 180,000 b/d compared to its previous estimate.
The positive outlook led to a 1.6% rise in Brent crude futures, the benchmark crude, to $79.10 per barrel. At the same time, WTI futures registered a 2% gain to trade at $74.08 per barrel.
Geopolitical concerns in the Middle East, in this case tensions disrupting shipping, also appear to be providing additional support for crude oil prices. So is the disruption in U.S. crude production due to extreme weather and operational difficulties.
At the same time, OPEC maintains its demand growth forecast of 2.25 million barrels per day for the current year, in line with its December forecast. Oil demand is expected to reach 106.21 million barrels per day in 2025, with an estimated further increase of 1.85 million barrels per day.
Abdel-Latif Boureima
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07/13/2023 – For 2024, OPEC’s oil demand growth forecasts are twice those of the IEA
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