The International Energy Agency (IEA) stated on Tuesday that global oil demand is expected to grow in 2024 and 2025, below 1 million barrels per day, due to shrinking consumption in major Asian countries limiting growth so far this year. This means that this year's growth forecast remains unchanged at 970000 barrels per day, and next year it will increase by 950000 barrels per day, a decrease of 30000 barrels per day from previous forecasts.

In its highly anticipated Oil Market Report, the IEA stated that global oil demand increased by 870000 barrels per day in the second quarter of this year, while oil demand in major Asian countries contracted for the third consecutive month in June.

The IEA stated that despite the weakening of oil demand in major Asian countries, gasoline consumption in the United States has been very strong in recent weeks and months.

The agency stated in its monthly report, "The US economy is performing better than other countries, supported by resilient service industries that consume one-third of the world's gasoline

According to IEA estimates, due to stronger demand from the United States, oil consumption in developed economies shifted from a year-on-year decline of 300000 barrels per day in the first quarter of this year to an increase of 190000 barrels per day in the second quarter.

At present, due to the difficulty of keeping up with the peak demand in summer, the oil market is experiencing a supply shortage. According to the agency's estimate, this has led to a decrease in global inventory in June and July.

The agency pointed out that although seasonal demand in the United States is currently strong, supply growth in the next two years will exceed consumption growth.

Even if OPEC+does not begin to ease production cuts, global inventories may increase by an average of 860000 barrels per day next year, as supply from non OPEC+countries is expected to grow by approximately 1.5 million barrels per day in 2024 and again in 2025. The IEA stated that this will be sufficient to meet the expected demand growth.

On Monday, OPEC lowered its global oil demand growth forecast for the next two years, marking the first downward revision since the organization released its initial forecast for 2024 a year ago.

Despite OPEC lowering its expectations for demand growth, the gap between the organization's assessment and the IEA still exceeds one million barrels per day.