In its monthly oil market report published on Friday, the International Energy Agency (IEA) lowered the 2024 global oil demand growth forecast by 130,000 bpd to 1.2 million (mln) barrels per day (bpd).
Additional takeaways
Global observed oil inventories rose by 43.3 mln barrels in February to a seven-month high.
2024 global oil output set to rise by 770,000 bpd to 102.9 mln bpd, led by non-OPEC and the US.
Sees 2025 oil demand growth at 1.1 mln bpd due to sub-par economic outlook of 2.9% GDP growth next year.
China's share of global oil demand increase will slump from 79% in 2023 to 45% in 2024 and 27% in 2025.
China’s 2023 post-covid release of pent-up demand has effectively run its course.
Warm weather curtailed OECD heating fuel use and factory slump in advanced economies hit industrial fuel demand
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