IEA lowers global oil demand growth projection for the year

• 2024 global oil demand growth forecast lowered by 100k to 960k bpd
• 2025 global oil demand growth forecast seen at 1 mil bpd amid muted economic outlook
• Global oil demand set to peak by 2029 at 105.6 mil bpd
• By 2030, oil supply capacity will rise to nearly 114 mil bpd or 8 mil bpd above global demand

As an aside, the IEA forecasts have been largely conflicting with OPEC+ for a while now. The former remains more bearish on the oil market while the latter is taking on a more bullish outlook.

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