According to a report released by the International Energy Agency (IEA) on Thursday, the estimated growth in global oil demand for 2024 is 1.22 million barrels per day, lower than the previously expected 1.24 million barrels per day.

Driven by non OPEC supply, the IEA has revised its global oil supply growth forecast for 2024 to 1.7 million barrels per day, reaching a record high of 103.8 million barrels per day, compared to a previously estimated growth of 1.5 million barrels per day.

The IEA stated that global oil demand growth is losing momentum and the expansion rate will slow down from last year's 2.3 million barrels per day.

The institution stated that demand growth in 2024 will be dominated by a few countries, mainly China, followed by India and Brazil.

The IEA stated that the global oil market supply and demand balance tightened in January, driven by supply disruptions in the United States and Canada, and voluntary production cuts by some OPEC countries. The supply of non OPEC countries is expected to increase by 1.6 million barrels per day in 2024 after reaching 2.4 million barrels per day in 2023.

The agency also stated that despite OPEC's production reduction, given the strong supply outlook for non OPEC countries, it is expected that oil inventories will "slightly increase" in the first quarter of this year.

The IEA stated that starting from the second quarter, if additional voluntary production cuts are lifted in the second quarter, OPEC's production may exceed the requirements.

The IEA stated in its monthly report that refinery operations will increase by 1 million barrels per day in 2024, reaching 83.3 million barrels per day.

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