The International Energy Agency (IEA) has released its latest forecast for global oil demand, predicting a significant increase in the fourth quarter of this year. According to the report, global oil demand is expected to rise by 1.2 million barrels per day (bpd) year-over-year in Q4 versus Q4 2023.
The drivers behind this growth are robust economic activity in non-OECD countries, particularly in Asia, and steady industrial consumption. The agency noted that while developed economies have seen relatively flat demand, emerging markets continue to expand their energy needs.
However, the supply dynamics remain complex. OPEC+ production cuts have tightened global supply, while non-OPEC producers, led by the United States, have increased output. The IEA warns of a potential near-term deficit that could push crude prices and inflation higher, weighing on risk assets including crypto.