December 14, 2023 [Reuters]- World oil demand will rise faster than expected next year, the International Energy Agency (IEA) said on Thursday, a sign that the outlook for near-term oil use remains robust despite this week’s COP28 agreement to transition away from fossil fuels.
World consumption will rise by 1.1 million barrels per day(bpd) in 2024, the Paris-based IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices.
The 2024 revision reflects “a somewhat improved GDP outlook compared with last month’s report,” the IEA said. “This applies especially to the U.S. where a soft landing is coming into view.”
Crude was up almost 2% on Thursday after the IEA report was released to trade near $76.
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