IEA Forecasts a Decrease in Oil Demand for 2024 Due to Current Economic Conditions

Wednesday, 15 May 2024, 09:01
The International Energy Agency (IEA) has revised its projection for oil-demand growth in 2024 downwards. This adjustment comes in response to weakened industrial activity and lower gasoil consumption in major economies, mainly in Europe. The global oil market faces challenges as subdued economic conditions and mild winter weather impact demand trends. This revision signals a cautious outlook for the oil industry amidst ongoing economic uncertainties.
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IEA Forecasts a Decrease in Oil Demand for 2024 Due to Current Economic Conditions

IEA Lowers 2024 Oil-Demand Forecast

The International Energy Agency (IEA) has cut its forecast for oil-demand growth this year, attributing the revision to subdued industrial activity and mild winter temperatures. This reduction in gasoil consumption has been particularly notable in some of the world's largest economies, with Europe being significantly affected.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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