Lifts 2024 supply growth forecast to 770,000 b/d (Il Sole 24 Ore Radiocor) - Paris, 11 Jul - Global oil demand in 2024 is seen rising 970,000 barrels per day (b/d) and accelerating to 980,000 b/d in 2025 as subpar economic growth, greater efficiencies and vehicle electrification act as headwinds, the International Energy Agency said in its latest Oil Markets Report.

In June, the IEA forecast global growth of 960,000 b/d in 2024 and 1 million b/d in 2025.

The IEA noted that in the second quarter of 2024, growth eased to 710,000 b/d year-on-year, the slowest quarterly increase since the fourth quarter of 2022 with Chinese consumption down as the country's post-pandemic rebound has run its course.

On the supply side, the IEA forecasts annual increases of 770,000 b/d in 2024 with gains of 1.8 million b/d next year.

In June, it had forecast production increases of 690,000 b/d in 2024 with a 1.8 million b/d rise in 2025.

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(RADIOCOR) 11-07-24 11:46:09 (0268) 5 NNNN