• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 8 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 8 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Bankruptcy in the Industry
The Oil Price Rally Has Stalled... For Now.

The Oil Price Rally Has Stalled... For Now.

Oil prices have been climbing…

Morgan Stanley Hikes Its Summer Oil Price Forecast to $94

Morgan Stanley Hikes Its Summer Oil Price Forecast to $94

Geopolitical tensions and tighter supply…

Oil Ticks Lower on EIA Inventory Report

Oil Ticks Lower on EIA Inventory Report

Crude oil prices moved lower…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Industry Executives Say Oil Demand Is Beating Forecasts

  • Oil industry executives see stronger oil demand growth than the IEA's forecast.
  • Slower electric vehicle adoption and a booming US economy contribute to the upward revision.
  • The longer route around Africa due to Red Sea attacks is adding to global oil demand.
Oil Industry

Global oil demand is stronger than expected with robust growth in all economies across the board, oil industry executives at the CERAWeek conference have said this week, adding that they generally view the International Energy Agency’s (IEA) demand growth projections for this year as too conservative.  

In its latest monthly assessment, the IEA raised last week its 2024 outlook on global oil demand growth, by 110,000 barrels per day (bpd) from the February report. The agency revised up its demand growth projection to 1.3 million bpd for 2024, compared to 1.2 million bpd expected in last month’s report.

Despite the increased demand growth outlook, the IEA’s view on oil consumption growth continues to be much more conservative than OPEC’s.

OPEC expects global oil demand to expand by a “robust” 2.2 million bpd in 2024, and to see another 1.8 million bpd annual growth in 2025.

Executives at the biggest independent oil traders see demand growth at around 1.5 million bpd this year, and some have pushed back their peak oil demand forecast to the early 2030s, Bloomberg reports.

The world’s largest independent oil trader Vitol, for instance, has pushed back its peak oil demand date to early next decade as it sees slower uptake of EVs, chief executive Russell Hardy told the conference in Houston. 

Vitol also estimates that the threat of attacks by Yemeni Houthis on vessels crossing the Red Sea has added 100,000 bpd to global oil demand as ships choose to divert to the longer route around Africa, Hardy said at a CERAWeek panel.

Trafigura’s chief economist Saad Rahim told Bloomberg in an interview that oil demand is exceeding expectations and “The US economy, in particular, has surprised to the upside.”

“Oil demand has stayed very strong, both in the US and in other countries, both developed countries and emerging markets,” ConocoPhillips’ chief economist Helen Currie, told Bloomberg, noting that 2024 would be another year of record high demand across the board. 

By Tsvetana Paraskova for Oilprice.com 


More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Mamdouh Salameh on March 22 2024 said:
    In order to support its flawed projection of peak oil demand by 2030, the IEA deliberately underestimate the strength of global demand or fabricate data supporting its politicized projection but to no avail.

    The solidity of oil market fundamentals and the robustness of demand are tangible enough for everyone to see except the IEA.

    That is why if one needs objective projections about the state of the oil demand, the truthful way is to refer to OPEC+ data and completely ignore the IEA's.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News