IEA Lowers 2024 Oil Demand Forecast on Economic Worries, Faster EV Adoption; Raises 2023 View

IEA cuts forecast for growth in oil demand in 2024 due to economic concerns and faster EV adoption.

Raises 2023 oil demand growth forecast to 2.3 million bpd from 2.2 million.

Says if OPEC+ cuts are unwound in Jan, market could shift to surplus.

Notes Russia's oil and product exports rose in Sept despite pledge to cut.

Weaker economic outlook and strong dollar dampening demand in some emerging markets.