THE International Energy Agency (IEA) on Thursday raised its forecast for growth in oil demand in 2024, but lowered its forecast for next year, citing the slowdown in the Chinese economy.

“China’s sharp slowdown has been the main drag on demand, with growth expected this year averaging just a tenth of the 1.4 mb/d increase in 2023,” the China-based organization said. Paris.

According to the IEA, global oil demand is expected to increase by around $920,000. barrels per day (B/D) this year, against “a little less than” 900,000 B/D in its October screening. The Parisian agency forecasts growth of “a little less than” 1 million B/D next year, compared to “around” 1 million B/D previously.

Oil demand has declined since the post-pandemic surge

The IEA forecast is well below post-pandemic growth levels for 2022 and 2023, when they were around 2 million B/D. The slowdown in demand in recent years, the IEA said, reflects slowing demand after a pandemic surge, “below-average underlying global economic conditions” and replacing fuel use. fossil fuels by consumers with clean energy alternatives.

IEA forecasts follow latest outlook projection cuts speak Organization of the Petroleum Exporting Countries (OPEC)which cited updated data for the first three quarters of the year.

The price of Brent crude was trading slightly higher at $72.54 a barrel on Thursday, while West Texas Intermediate crude was up slightly at $68.69 a barrel.