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Oil Industry Executives Say Oil Demand Is Beating Forecasts

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Oil industry leaders are revising oil demand growth forecasts upwards due to stronger than expected consumption across all economies.

Global oil demand is stronger than expected with robust growth in all economies across the board, oil industry executives at the CERAWeek conference have said this week, adding that they generally view the International Energy Agency’s IEA demand growth projections for this year as too conservative. In its latest monthly assessment, the IEA raised last week its 2024 outlook on global oil demand growth, by 110,000 barrels per day bpd from the February report.

’s. expects global oil demand to expand by a “robust” 2.2 million bpd in 2024, and to see another 1.8 million bpd annual growth in 2025. Executives at the biggest independent oil traders see demand growth at around 1.5 million bpd this year, and some have pushed back their peak oil demand forecast to the early 2030s, Bloomberg reports.

 

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