In its monthly oil market report published on Tuesday, the International Energy Agency (IEA) made no changes to its global oil demand growth forecast.

Additional takeaways

2024 world oil demand growth forecast unchanged at 970k barrels per day (bpd).

2025 world oil demand growth forecast seen at 950k bpd (previously 980k bpd).

Chinese oil demand has contracted for third consecutive month.

Weak growth in China now significantly dragging on global gains.

OPEC cuts are tightening physical markets.

Could see a supply deficit as US summer driving season is set to be strongest since the pandemic.