Halfway through 2024, and the divergence between major forecasters on this year’s oil demand growth is wider than ever. With the IEA cutting its expectations for demand growth this year by 100,000 b/d to 960,000 b/d in its latest monthly report, its 2024 growth projection is now a massive 1.29mn b/d below Opec’s bullish 2.25mn b/d figure (see tables).
Opec & IEA 2024 Oil Demand Forecasts Diverge Further
Despite widely different demand growth outlooks, the IEA and Opec are in agreement that the market can handle more Opec+ crude in the second half of 2024. Whether next year’s demand growth will be strong enough to absorb the continued unwinding of output cuts is another question.
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IN THIS ARTICLE
Tables
IEA Supply & Demand Forecasts, June 2024 (mn b/d)
Opec Supply & Demand Forecasts, June 2024 (mn b/d)
Charts
2023 Oil Demand Assessments (mn b/d): The IEA’s Figure Is Now Above Opec’s Following A Series Of Upward Revisions Since January
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