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IEA sees firmer oil demand
ICE Brent settled marginally lower yesterday despite US inflation rising less than expected, while the IEA also revised up its oil demand forecasts for this year and next in its latest oil market report. The IEA revised up its 2023 oil demand growth forecast by around 100Mbbls/d to 2.4MMbbls/d. This increase was a result of Chinese demand hitting record levels, while US demand has also been stronger than the agency was expecting. 2024 demand growth forecasts were increased from 900Mbbls/d to 930Mbbls/d. Supply has also been performing strongly, with the US, Brazil and Guyana driving supply growth this year. The IEA ... (full story)