LONDON, Jan 18 (Reuters) – The International Energy Agency (IEA) made a more upward modification to its 2024 oil need development projection on Thursday, pointing out better financial development and lower crude costs in the 4th quarter.
“The agreement financial outlook has actually enhanced rather over the last couple of months in the wake of the current dovish pivot in reserve bank policy,” the IEA stated in its regular monthly report.
“The fourth-quarter 2023 downturn in oil costs functions as an extra tailwind.”
International oil usage is set to increase by 1.24 million barrels each day (bpd) in 2024, the firm projection, up 180,000 bpd from its previous forecast. The boost is mainly driven by China's broadening petrochemicals sector.
The modified projection is the Paris-based company's 3rd successive upward modification in as numerous months for 2024 oil need development. It stays lower than that of oil manufacturer group OPEC, which sees need development of 2.25 million bpd this year.
The IEA's predicted boost is half the 2.3 million bpd development in 2015, with the post-pandemic healing all however total, drab financial development in significant economies and the effect of energy performance enhancements.
(Reporting by Alex Lawler and Natalie Grover Editing by David Goodman)
((natalie.grover@thomsonreuters.com; Twitter/X: @NatalieGrover;-RRB-)
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