LONDON, Feb 15 (Reuters) – Global oil demand growth is losing momentum, the International Energy Agency (IEA) said on Thursday, as it trimmed its 2024 growth forecast.
The pace of expansion set to decelerate to 1.22 million barrels per day (bpd) in 2024, about half of the growth seen last year, in part due to a sharp slowdown in Chinese consumption, the agency said.
It had previously forecast 2024 demand growth of 1.24 million bpd.
“The expansive post-pandemic growth phase in global oil demand has largely run its course,” the IEA said.
The Paris-based agency has predicted oil demand will peak by 2030 as the world shifts to cleaner energy, while the OPEC oil producers group expects oil use will keep rising for the next two decades.
On the supply side, IEA raised its projection for 2024, estimating supply will grow by 1.7 million bpd, driven by non-OPEC+ supply, versus its previous forecast of 1.5 million bpd.
None of the world's top coffee roasters and traders have committed to paying farmers a living income even though this is set to become a legal obligation for large companies operating ...
Rome will host a four-day public celebration from June 25 to 28, 2026, to mark the 80th anniversary of Vespa, with thousands of enthusiasts from around the world expected to attend.
T...
Morning Briefing
Political Leaders Attend Key Brussels Meetings on Europe’s Future
Prime Minister Robert Abela and Opposition Leader Alex Borg are both in Brussels this week, takin...
Updated 1145
€7.5 Million Allocated to Final Phase of Heritage Restoration Scheme
The government has announced the reopening of the Irrestawra Darek scheme for Malta's eastern regi...
The European Union's new Migration and Asylum Pact enters into force on 12 June, ushering in the most significant reform of the bloc's migration framework in years and placing renewed em...
The European Parliament has approved a major new initiative aimed at reducing workplace accidents and strengthening worker protection across the European Union, as concerns continue to g...
None of the world's top coffee roasters and traders have committed to paying farmers a living income even though this is set to become a legal obligation for large companies operating ...
Rome will host a four-day public celebration from June 25 to 28, 2026, to mark the 80th anniversary of Vespa, with thousands of enthusiasts from around the world expected to attend.
T...
The European Parliament has approved a major new initiative aimed at reducing workplace accidents and strengthening worker protection across the European Union, as concerns continue to g...
The European Union has approved new rules aimed at tightening the screening of foreign investments in strategic sectors, marking a major shift in Europe’s approach towards economic secur...
GO ENERGI is offering households the opportunity to take advantage of the Government’s current grants to support PV systems and battery storage through a range of solar energy solutions ...
Malta Public Transport announces a number of network adjustments in connection with the introduction of its Summer Schedule, aimed at meeting seasonal passenger demand and improving serv...
The U.S. and Iran released the text of an interim agreement their presidents have signed to end their war on Wednesday, with U.S. President Donald Trump threatening to resume attacks and...
U.S. and Iranian officials said they had reached an agreement to end their war and reopen the Strait of Hormuz, a preliminary pact that sent oil prices falling but leaves the fate of Te...
Thousands of Cuban security personnel have begun leaving Caracas after nearly two decades in Venezuela, as Washington ramps up efforts to dismantle the long standing alliance between the...
María Corina Machado is a prominent figure in Venezuela’s opposition. She has reported that one of her closest associates, Juan Pablo Guanipa, was abducted. This occurred mere hours afte...
Moscow has come under the largest Ukrainian attack since the start of the full-scale war, with close to 200 drones hitting targets around the Russian capital and setting columns of thick...
U.S. President Donald Trump said Russia should make peace with Ukraine after a "very good" meeting with President Volodymyr Zelenskiy on Tuesday, in comments that sparked cautious optim...
