900,000 barrels increase in global oil demand this year
reported by %20%0A
Also, this agency predicted in its monthly report that the global demand for oil will increase by 900,000 barrels per day this year, this figure is 70,000 barrels per day equivalent to 7. 2 percent is lower than the agency’s previous forecast, and weak demand in China and the speed of transition to cleaner fuels will be among the factors that will reduce the demand for oil. The Organization of Petroleum Exporting Countries (OPEC) has also reduced its forecast of demand growth in 2024.
In the report of the International Energy Agency, it is stated: “Given the slowdown in the growth of oil demand in China, as well as the slight increase or decrease in demand in other countries, the growth of global demand for oil until the end The current decade will be stable”.
Oil prices have fallen amid concerns about global demand. The price of Brent oil fell this week to less than $70 per barrel, the lowest level since December 2021, and is now trading around $72 per barrel; Also, China was the driver of the growth of oil consumption in the world for many years, but the weak growth of this country’s economy as well as the transition to electric cars have changed the conditions of energy consumption in the world’s second largest economy.
Demand in China is expected to grow by 180,000 bpd in 2024, up from 410,000 bpd in July, but OPEC predicts demand growth In 2024, it will be equal to 2.03 million barrels per day. The difference between OPEC and the International Energy Agency’s forecast of demand growth this year is equal to one percent of global demand.
According to the theory of the International Energy Agency, the demand in other major economies has also been under pressure. Gasoline consumption in the United States, as the world’s largest oil consumer, has decreased compared to last year, and this agency has announced the forecast of demand growth in 2025 unchanged at 950,000 barrels per day, and on the other hand, OPEC has predicted demand growth in 2025 equal to 1 It estimates 74 million barrels per day.
