BancaMarch : The organisation has pointed to a slowdown in demand in the first quarter of 2024, with a variation that stands at 1.6 million barrels per day, 120,000 barrels per day lower than previously estimated.
The reasons include lower than expected consumption in OECD countries due to a warmer than usual winter and a drop in manufacturing activity. Thus, for 2024 as a whole, the IEA has lowered the demand growth forecast to 1.2 million barrels per day (130,000 fewer than in the previous estimate). Moreover, China’s contribution to demand growth is expected to drop significantly (from 79% in 2023 to 45% in 2024 and 27% in 2025).
