Oil prices recorded $90.45 per barrel for Brent crude futures contracts, and US West Texas Intermediate crude futures contracts recorded $85.66 per barrel upon settlement on Friday, as prices recorded losses on a weekly basis.
Yesterday, the International Energy Agency reduced its forecast for oil demand growth in 2024, attributing this to lower-than-expected consumption in OECD countries and a decline in factory activity.
The agency reduced its growth forecast for this year by 130,000 barrels per day to 1.2 million barrels per day, adding that the release of pent-up demand from China, the world’s largest oil importer, after the easing of Covid-19 restrictions has ended, according to the Oman News Agency.
The International Energy Agency said in its monthly oil report, “Delivery data for many countries was weak, as unusually warm weather in late winter reduced the use of heating fuels in the Organization for Economic Co-operation and Development more than usual.”
“In addition, the prolonged recession in factories in advanced economies continues to reduce demand for industrial fuels,” she explained.
She added that demand growth in 2025 will decline to 1.1 million barrels per day, with expectations that global GDP growth will remain stable and that expansion in the electric car sector will accelerate.
The International Energy Agency indicated that China’s contribution to the global increase in demand for oil is expected to weaken from 79% in 2023 to 45% in 2024 and 27% next year.
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