Cuts 2023 demand growth forecast by 90,000 bpd
Raises 2024 demand growth forecast by 130,000 bpd to 1.1 mbpd
Gap remains between OPEC, IEA views on 2024 oil demand growth

LONDON, Dec 14 Reuters World oil demand will rise faster than expected next year, the International Energy Agency IEA said on Thursday, a sign that the outlook for nearterm oil use remains robust despite this week39;s COP28 agreement to transition away from fossil fuels.

Despite the upgrade, there is still a sizeable gap between the IEA, which represents industrialised countries, and producer group OPEC over 2024 demand prospects. The two have clashed in recent years over issues such as longterm demand and the need for investment in new supplies.

World consumption will rise by 1.1 million barrels per daybpd in 2024, the Parisbased IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices.

The IEA, which advocates a speedy transition away from fossil fuels, detailed the increase to its 2024 forecast only at the bottom of Page 4 of its report, after discussing other findings including a demand slowdown in the last three months of 2023 and rising supply.

The 2024 revision reflects a somewhat improved GDP outlook compared with last month39;s report, the IEA said. This applies especially to the U.S. where a soft landing is coming into view.

Falling oil prices act as an additional boost to oil consumption,…