IEA lowers 2024 oil demand forecast amid economic challenges

13 Oct 2023 CW Team

OPEC and its allies, collectively known as OPEC+, had implemented supply cuts in 2022 to stabilise prices. In September, global benchmark Brent reached 10-month highs following the extension of combined 1.3 million bpd cuts by Saudi Arabia and Russia until the year's end. The IEA suggested that if these additional cuts were lifted in January, it could potentially lead to a surplus, aiding in the replenishment of depleted inventories.

Despite Russia's commitment to reducing crude exports until the end of 2023, the IEA observed an increase in Moscow's total exports of crude oil and products in September, rising by 460,000 bpd to 7.6 million bpd. The surge, especially in crude exports, highlighted the challenges faced by Western nations in limiting Russian exports and revenue amid the on-going conflict with Ukraine. The IEA, in its report, also noted that while recent geopolitical events, such as the Hamas attack on Israel, raised concerns about potential supply disruptions, no direct impacts on supplies had occurred as of yet.

Looking ahead to 2024, the IEA highlighted the impact of a high-interest rate environment in key Western economies, designed to curb inflation and strengthen the US dollar. This situation dampened demand in lower-income emerging markets such as Nigeria, Pakistan, and Egypt. Despite these challenges, major oil consumers like China, India, and Brazil continued to experience robust growth in demand for oil. The IEA assured its readiness to take necessary actions to ensure adequate supplies if the need arose.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

The International Energy Agency (IEA) revised down its 2024 oil demand growth forecast to 880,000 barrels per day (bpd), citing harsher global economic conditions and advancements in energy efficiency, including the rapid adoption of electric vehicles. This figure marked a decrease from its earlier projection of 1 million bpd. The Paris-based agency, which advises industrialised nations including the United States, raised its 2023 demand estimate to 2.3 million bpd, up from the previous 2.2 million bpd, due to a variety of factors, including concerns about economic stability and increased usage of electric vehicles. OPEC and its allies, collectively known as OPEC+, had implemented supply cuts in 2022 to stabilise prices. In September, global benchmark Brent reached 10-month highs following the extension of combined 1.3 million bpd cuts by Saudi Arabia and Russia until the year's end. The IEA suggested that if these additional cuts were lifted in January, it could potentially lead to a surplus, aiding in the replenishment of depleted inventories. Despite Russia's commitment to reducing crude exports until the end of 2023, the IEA observed an increase in Moscow's total exports of crude oil and products in September, rising by 460,000 bpd to 7.6 million bpd. The surge, especially in crude exports, highlighted the challenges faced by Western nations in limiting Russian exports and revenue amid the on-going conflict with Ukraine. The IEA, in its report, also noted that while recent geopolitical events, such as the Hamas attack on Israel, raised concerns about potential supply disruptions, no direct impacts on supplies had occurred as of yet. Looking ahead to 2024, the IEA highlighted the impact of a high-interest rate environment in key Western economies, designed to curb inflation and strengthen the US dollar. This situation dampened demand in lower-income emerging markets such as Nigeria, Pakistan, and Egypt. Despite these challenges, major oil consumers like China, India, and Brazil continued to experience robust growth in demand for oil. The IEA assured its readiness to take necessary actions to ensure adequate supplies if the need arose.

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..

Products

07 Jul 2026

EUROBOND Expands NABL Accreditation to 51 Testing Parameters

EUROBOND, the flagship brand of Euro Panel Products, has expanded the National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditation of its in-house laboratory from 16 to 51 mechanical and chemical testing parameters, making it the only Indian aluminium composite panel (ACP) manufacturer with accreditation covering such an extensive testing scope.The expanded accreditation enables the company to independently test coils, coatings, cores, aluminium composite panels (ACP) and metal composite panels (MCP) in accordance with international standards, including IS, ASTM, ..