Asian Currency

IEA cuts forecast for growth in oil use

Growth in the world’s oil use continues to soften, the International Energy Agency (IEA) said on Wednesday, as it trimmed its forecast for growth this year by 140,000 barrels per day.

The Paris-based think-tank now expects oil demand to rise by 1.1mn bpd this year on mild weather and a slowdown in the world economy. It said use contracted by 70,000 bpd in OECD countries in the first quarter.

China is the main driver of growing oil use; the IEA forecast it would consume an extra 510,000 bpd in 2024. Without Chinese growth, it said, global demand in February and March would have fallen.

The Opec+ oil cartel left its monthly forecast unchanged on Tuesday, predicting that demand would rise by 2.25mn bpd in 2024.

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