IEA lowers forecast for oil demand growth for next year

• World oil demand hit a record 103 mil bpd in June
• August could yet see another peak in demand
• 2024 global oil demand growth forecast revised down to 1 mil bpd (previously 1.15 mil bpd)
• If OPEC+ current targets are maintained, oil inventories could draw by 2.2 mil bpd in Q3 an 1.2 mil bpd in Q4
• That creates a risk of driving pries higher still

On the revision lower for oil demand next year, they cite slower macroeconomic conditions and the post-pandemic recovery running out of steam. No doubt that China is a big influence in that matter.