The International Energy Agency cuts forecasts for global crude oil demand growth.

The International Energy Agency (IEA) has lowered its forecast for global oil demand growth in 2024 to 860,000 barrels per day, but has slightly raised its outlook for 2025 to 1 million barrels per day. In a report released on Tuesday, the IEA stated that weak demand in China is the main driver of the slowdown in oil demand growth, coinciding with rising uncertainty in global oil markets due to tensions between Israel and Iran. However, the IEA noted that the spare production capacity of the OPEC+ alliance has reached historically high levels, ensuring supply for the market. With supplies recovering, the IEA is prepared to intervene if necessary, similar to what happened in 2022 when the agency and its members could take collective action to stabilize the oil market. The report added that the IEA's own public stocks exceed 1.2 billion barrels, with an additional half a billion barrels of stocks held under industry commitments.