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In 2023, world oil demand exceeded 100 million bbl/d for the first time since the pandemic. Forecasts suggest global oil demand will grow even more in 2024.
Mar 14, 2024 · The latter’s oil demand growth slows from 1.7 mb/d in 2023 to 620 kb/d in 2024, or from roughly three-quarters to half of the global total, under the gathering weight of a challenging economic environment and slower expansion in its petrochemical sector. As in 2023, non-OPEC+ oil supply growth will eclipse the oil demand expansion by some margin.
May 15, 2024 · Global oil demand is now expected to rise by 1.1 mb/d in 2024, 140 kb/d less than projected in last month’s Report. Our global outlook for 2025 is largely unchanged, with the pace of growth now marginally eclipsing 2024 at 1.2 mb/d. The health of global oil demand will likely be a key topic for discussion when OPEC+ ministers meet in Vienna ...
Jun 12, 2024 · Increased use of EVs, emerging clean energy technologies and more expansive efficiency policies are combining to chart a much slower growth trajectory for oil demand, plateauing towards the end of our 2023-2030 forecast period. Oil 2024, the IEA’s medium-term outlook, explores these critical developments and their impact on the global oil market.
The global oil demand growth forecast for 2024 remains broadly unchanged from last month’s assessment of 2.2 mb/d. Slight adjustments were made to the 1Q24 data, with a slight upward revision in OECD Europe and some nonOECD data- , reflecting better-than-expected performance in oil demand data. This increase was
Jun 12, 2024 · World oil demand growth continues to slow, with 2024 gains now seen at 960 kb/d, 100 kb/d below last month’s forecast. Weak OECD deliveries pushed global demand into a narrow y-o-y contraction in March. Subpar growth of 1 mb/d in 2025 is held back by a muted economy and accelerating clean energy technology deployment.
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Will global oil demand rise in 2024?
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What is oil 2024?
Monthly Oil Market Report 2024. The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market ...
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