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EIA estimates slower world oil demand growth in 2024
The US EIA revised its earlier forecast on world oil demand for 2024 on Tuesday, indicating that it is expected to grow at a slower pace. Additionally, the EIA predicts that global oil output will expand faster than previously estimated, leading to a more balanced market. In its Short-term Energy Outlook (STEO) report, the EIA estimates that OPEC+ producers have largely adhered to the latest voluntary production cuts, which will expire at the end of June 2024. The production cuts removed approximately 2.2 million barrels per day (mbpd) of supply from the world oil market in Q1 2024 and tightened markets further in Q2 ... (full story)