IEA makes no change to 2024 world oil demand growth forecast in latest report

• 2024 world oil demand growth forecast unchanged at 970k bpd
• 2025 world oil demand growth forecast seen at 950k bpd (previously 980k bpd)
• Chinese oil demand has contracted for third consecutive month
• Weak growth in China now significantly dragging on global gains
• OPEC+ cuts are tightening physical markets
• Could see a supply deficit as US summer driving season is set to be strongest since the pandemic

The narrative is more or less the same as from OPEC+ here yesterday.

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