IEA Lowers 2024 Crude Oil Demand Forecast
The International Energy Agency (IEA) lowered its forecast for crude oil demand growth in 2024, according to major foreign media including AFP on the 12th (local time).
According to the report, the IEA revised down its forecast for next year's crude oil demand growth from 1 million barrels per day to 880,000 barrels per day in its October Oil Market Report. The reasons include the possibility of a global economic slowdown, improvements in fuel efficiency, and the popularity of electric vehicles.
However, for this year, the demand growth is expected to increase from 2.2 million barrels per day to 2.3 million barrels per day.
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The IEA stated that the recent war between Israel and the Palestinian militant group Hamas has not yet directly affected oil supply, but indicated that appropriate measures for supply would be taken if necessary. Earlier, international oil prices surged due to Hamas's invasion but have since declined.
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