Economic headwinds prompt IEA to cut 2024 oil demand growth forecast

The International Energy Agency (IEA) lowered its oil demand growth forecast for 2024 in its monthly report on Thursday, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. The Paris-based agency revised its demand growth forecast to 880,000 barrels per day (bpd) for next year, from its previous forecast of 1 million bpd growth.