IEA OMR (Oct): 2024 world oil demand growth forecast to 860k bpd (prev. forecast 900k); says China is the main drag on global oil demand growth, with China's demand expected to rise only 150k bpd in 2024
2025:
- Raises 2025 world oil demand growth forecast to 1mln bpd, (prev. 950k bpd)
Geopolitical commentary:
- Iran-Israel tension, says it stands ready to act if needed; IEA public oil stocks alone are over 1.2 billion barrels.
General:
- Notes OPEC+ spare production capacity stands at historic highs.
- Says that in the absence of a major disruption, the oil market is faced with a sizeable surplus in the new year.
Reaction details (09:09)
- Cuts to the demand growth and commentary around China sparked pressure in the crude benchmarks. Sending WTI and Brent lower by around USD 0.30/bbl to fresh session lows of USD 70.52/bbl and USD 74.08/bbl respectively.
Analysis details (09:08)
Follows: OPEC MOMR (October): 2024 global oil demand growth revised down by 106k BPD to 1.9mln BPD. Full details.
15 Oct 2024 - 09:00- EnergyImportant- Source: Newswires
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