Thursday , 21 November 2024
Home Forex IEA cuts 2024 oil demand growth forecast amid China drag
Forex

IEA cuts 2024 oil demand growth forecast amid China drag

  • 2024 world oil demand growth forecast seen at 860k bpd (previously 900k bpd)
  • China demand seen only rising by 150k bpd in 2024
  • 2025 world oil demand growth forecast seen at 1 mil bpd (previously 950k bpd)

IEA notes that “in the absence of a major disruption, the oil market is faced with a sizeable surplus in the new year”. For some context, IEA has been more grounded with their view through the year – as opposed to the overly optimistic one from OPEC, which they are now tuning down.

This article was written by Justin Low at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

USDCHF moves above converged 100 and 200 hour MAs and rockets higher

Earlier today, I posted:USDCHF: The USDCHF held resistance at the 100-hour moving...

Matt Gaetz withdraws name for Attorney General nomination

This article was written by Greg Michalowski at www.forexlive.com.

Fed’s Goolsbee: It may make sense to slow pace of interest rate cuts

It make sense for the Fed to slow the pace of interest...

Major European indices close higher on the day

Major European indices are closing higher on the day. The gains are...