IEA trims 2024 oil demand forecast to 880,000 bpd
OPEC sticks to 2024 forecast of 2.25 million bpd
IEA cites signs of demand destruction from higher prices

LONDON, Oct 12 Reuters The gap between two leading oil forecasters39; views on 2024 demand growth widened on Thursday, with the International Energy Agency IEA predicting a sharper slowdown while producer group OPEC stuck to expectations for buoyant Chinaled growth.

The Organization of the PetroleumExporting Countries OPEC and the IEA, which represents industrialised countries, have clashed in recent years over issues such as the longterm oil demand outlook and the need for investment in new supplies.

In a monthly report on Thursday the IEA lowered its forecast for growth in oil demand in 2024 to 880,000 barrels per day from 1 million bpd, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption.

By contrast, in its latest report OPEC stuck to its forecast that demand will rise by 2.25 million bpd in 2024. The difference between the two forecasts 1.37 million bpd is equivalent to more than 1 of daily world oil use.

Oil demand growth is an indication of likely oil market strength, and can affect prices and fuel costs for consumers and businesses. It also forms part of the backdrop for supply policy decisions by OPEC and its allies, known as OPEC.

In 2024, solid global economic growth, amid continued improvements in China, is expected to further boost oil…