IEA Cuts Global Oil Demand Growth forecast Amid Shifting Trends
· Business · Bloomberg, Financial Times
The International Energy Agency (IEA) has lowered its global oil demand forecast for 2024 to 2.6 million barrels per day. This revision follows previous downward adjustments as slower economic growth in major markets like China impacts consumption. The agency noted that the rapid adoption of electric vehicles and improved energy efficiency are slowing down fossil fuel reliance. Despite the cut, global demand is still expected to rise over the year compared to the previous period.
Why it matters
Lower demand forecasts signal a shift in global energy markets which can influence oil prices and trade balances for major importers like India.
Read the original report — Bloomberg
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