Estimate for 2025 cut (Il Sole 24 Ore Radiocor) - Paris , 13 Aug - The International Energy Agency confirmed its 2024 global oil demand growth forecast for 2024, estimating a rise of 970,000 barrels per day (b/d) in its latest Oil Markets Report, barely budging compared to the estimate in its previous report of 974,000 b/d.

At the same time, the IEA cut its global demand forecast for 2025 to 953,000 from 979,000 b/d.

Overall, demand is seen at 130.1 million b/d in 2024 and 104 million b/d in 2025.

Global oil demand increased by 870 kb/d in the second quarter of 2024, with a contraction in China limiting gains.

On the supply side, global supply rose 230,000 b/d to 103.4 million b/d in July as a substantial OPEC+ increase more than offset losses from non-OPEC+. Annual gains are seen accelerating from 730,000 b/d in 2024 to 1.9 million b/d in 2025.

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(RADIOCOR) 13-08-24 12:05:41 (0275) 5 NNNN