2024-02-16T06:51:30+00:00
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/ The International Energy Agency warned of a decline in global oil inventories, despite the continued slowdown in global demand for black gold, which is expected to reach new record levels in 2024.
“Monitored oil stocks fell by around 60 million barrels in January… with onshore inventories falling to their lowest levels since at least 2016,” the International Energy Agency said in its monthly oil report on Thursday.
Global inventories rose by 21.6 million barrels in December, due to an increase in marine oil inventories that compensated for a decrease in onshore inventories (-39 million barrels), against the backdrop of disruptions to shipping traffic in the Black Sea.
“As the IEA celebrates its 50th anniversary this week, the security of oil supplies remains more important than ever,” added the agency, which was set up by the OECD 50 years ago to help rich countries cope with the oil crisis.
The Paris-based agency warned that “low oil inventories… could limit the industry’s ability to respond to unexpected demand or supply disruptions.”
In this frenzied market context, the International Energy Agency estimated at the same time that “the slowdown (in oil demand growth) will accelerate in 2024”, under the influence of economic difficulties, but also due to progress in the field of energy transition and the increase in the number of electric cars in the world.
Global demand for black gold is expected to grow by an average of 1.2 million barrels per day, “or half of last year’s sharp increase” (2.3 million barrels per day).
China, India and Brazil are expected to account for more than two-thirds (78 percent) of global oil demand growth in 2024, which is expected to reach a new record high of 103 million barrels per day.
According to the International Energy Agency, “the expansionary growth phase in global oil demand after the pandemic has largely come to an end.”