XOM - IEA Forecasts Slowdown In Oil Demand Contrasts Positive Outlook By OPEC+ | Benzinga
The International Energy Agency (IEA) has projected an enduring slowdown in oil demand until 2024, a viewpoint that starkly clashes with the optimistic forecasts of the Organization of the Petroleum Exporting Countries (OPEC).
What Happened: As reported by CNBC on Thursday, the IEA perceives a softening global oil demand, predicting this trend to persist into 2024. The stance is strikingly different from that of OPEC and its affiliates, collectively referred to as OPEC+.
The IEA has observed a “decidedly bearish” sentiment in the oil market in recent weeks, despite OPEC+’s November 30 announcement of voluntary production cuts in the first quarter of the upcoming year.
In its latest monthly oil market report, the IEA anticipates global oil demand to increase by 2.3 million barrels per day to 101.7 million barrels per day in 2023. Nonetheless, it cautions that this forecast “masks the impact of a ...