In its monthly oil market report published on Thursday, the International Energy Agency (IEA) raised the 2024 global oil demand growth forecast by 110,000 bpd to 1.3 mln bpd.

Additional takeaways

Oil on water hit second highest level since the height of the Covid-19 pandemic.

Global on-land oil stocks fell for a seventh month to lowest level since at least 2016.

Weaker economic outlook, efficiency improvements and ev sales temper oil growth.

Oil consumption reverting toward historical trend after volatility of post-pandemic rebound.

If OPEC voluntary cuts held in place through 2024, sees market in slight deficit rather than surplus.

Red Sea trade flow disruptions boosted bunker fuel use and us ethane demand surged.

Global oil demand growth in Q1 2024 to rise by 270,000 bpd to 1.7 mln bpd.