Low global demand forecasts, coupled with new oil supply coming from non-OPEC countries, spell a long period of subdued crude prices.
Has demand growth hit its apex, and is it just downhill from here?
The oil producer group's 2024 World Oil Outlook report, released Tuesday, predicts strong energy demand growth of 24% globally between now and 2050.
It also forecasts "robust medium-term growth" in oil demand reaching 112.3 million barrels per day in 2029, an increase of 10.1 million barrels per day compared to 2023.
The IEA still sees global oil demand rising; it just forecasts a smaller rise, and expects it to peak by the end of the decade.
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Organizations:
Brent, International Energy Agency, The, IEA
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Saudi, Ras Tanura, Saudi Arabia, OPEC, The Paris