Last year, global oil demand grew at a blistering pace with 2023 consumption exceeding the previous year’s by more than 2 million barrels per day. A number of energy agencies have provided demand growth forecasts for the current year, and the consensus is that global oil demand will see another uptick in 2024. The Paris-based International Energy Agency (IEA) typically leans to the bearish side when it comes to oil demand and oil price predictions; however, the agency has raised its 2024 oil demand growth estimate from 850 kb/d in May…
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