IEA Lifts 2023-2024 Oil Demand Growth Forecasts, Warns Market Could Turn to Surplus in 2024
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IEA raises 2023 oil demand growth forecast to 2.4 million bpd, up from 2.3 million bpd previously
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Lifts 2024 oil demand growth forecast to 930,000 bpd from 880,000 bpd
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Notes oil market could shift into surplus in 2024 as cuts by Saudi Arabia and Russia end
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For now, demand still exceeds supply heading into winter
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Cautions volatility ahead given economic and geopolitical risks