Oil price: diverging forecasts on oil demand from two global giants – By Hemantha Yapa Abeywardena Source : oilfutures Data and Image: credit – IEA  IEA (2024), Annual oil demand growth, 2011-2025, IEA, Paris The Paris-based International Energy Agency, IEA, put a damper yet again on the perceived demand for oil in 2024 and 2025, in stark contrast to that of the OPEC+, the Organization of Petroleum Exporting Countries plus Russia. According to IEA’s latest report on the subject, released in June, 2024, the growth will be a fairly modest 960 kbpd – 960 thousand barrels per day in 2024; it is a drop of 100 kbpd from IEA’s own previous estimate. The IEA cites a weaker demand in China for the drop in demand in this year. China’s PMI, the key indicator that reflects the manufacturing activity, for instance, has been in decline for two successive months, even below the ...

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