IEA lowers forecast for oil demand growth for next year

<ul><li>World oil demand hit a record 103 mil bpd in June</li><li>August could yet see another peak in demand</li><li>2024 global oil demand growth forecast revised down to 1 mil bpd (previously 1.15 mil bpd)</li><li>If OPEC+ current targets are maintained, oil inventories could draw by 2.2 mil bpd in Q3 an 1.2 mil bpd in Q4</li><li>That creates a risk of driving pries higher still</li></ul><p>On the revision lower for oil demand next year, they cite slower macroeconomic conditions and the post-pandemic recovery running out of steam. No doubt that China is a big influence in that matter.</p>

This article was written by Justin Low at www.forexlive.com.