IEA Forecasts Oil Market Deficit in 2024 if OPEC+ Extends Cuts Despite Demand Growth
• IEA sees oil market shifting from surplus to deficit in 2024 if OPEC+ extends production cuts • Raised 2024 global oil demand growth forecast by 110,000 bpd to 1.3 million bpd • Improved outlook for U.S. oil demand and higher bunker fuel use due to trade disruptions • IEA view on demand growth more conservative than OPEC's 2.2 million bpd growth forecast • Massive volumes of oil currently on water could bring some relief when delivered