The International Energy Agency (IEA) predicts a slowdown in global oil demand that will continue into 2024, in contrast to OPEC’s outlook. The IEA stated that evidence of softening demand is growing, leading to a “decidedly bearish” sentiment in the oil market. Despite OPEC’s announcement of production cuts, concerns about oversupply have caused oil prices to fall. The IEA revised its global consumption growth forecast and warned of a slowdown in oil demand expansion. In contrast, OPEC remains optimistic about oil market dynamics and maintains its higher oil demand predictions for next year.
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