The International Energy Agency (IEA) has raised its oil demand growth forecast for this year and the next on record demand in China and “resilient” US crude deliveries.
The Paris-based agency expects global crude demand to rise by 2.4 million barrels per day in 2023, up from its previous forecast of 2.3 million bpd growth.
Oil demand in 2024 is now projected to grow by 930,000 bpd, up from the IEA’s previous estimate of 900,000 bpd, the agency said in its monthly oil market report on Tuesday.
“For now, with demand still exceeding available supplies heading into the northern hemisphere winter, market balances will remain vulnerable…
