IEA Slashes 2024 Oil Supply Growth Forecast to 1.1M bpd Amid Middle East Conflict
The International Energy Agency cut its 2024 global oil supply growth forecast to 1.1 million barrels per day from 2.4 million barrels per day, citing disruptions from the Middle East conflict, Odaily Planet Daily reports via Jinshi. The agency now expects all incremental supply to come from non-OPEC+ producers, as major Gulf exporters have scaled back output. IEA projections show global oil supply could fall to 98.8 million barrels per day in March, down 8 million barrels per day and the lowest since Q1 2022, with the agency describing the conflict as the largest supply shock in global oil market history.