Raises demand growth projection by 180,000 bpd
IEA forecast remains lower than OPEC39;s projection

LONDON, Jan 18 Reuters The International Energy Agency IEA on Thursday made a further upward revision to its 2024 oil demand growth forecast, though its projection remains dramatically lower than producer group OPEC39;s expectations.

The Parisbased agency39;s forecast, its third consecutive upward revision in as many months, predicts that global oil consumption will rise by 1.24 million barrels per day bpd in 2024, compared with OPEC39;s 2.25 million bpd projection.

The IEA and OPEC have clashed in recent years over issues such as longterm demand and the need for investment in new supplies.

The IEA39;s latest upward revision, up 180,000 bpd from its previous projection, was linked to improving global economic growth and lower crude prices in the fourth quarter plus China39;s expanding petrochemicals sector.

The consensus economic outlook has improved somewhat over the last few months in the wake of the recent dovish pivot in central bank policy, the IEA said in its January report.

The fourthquarter 2023 slump in oil prices acts as an additional tailwind.

Oil prices kicked off the year on a weak footing as demand uncertainty offset the impact of a new round of supply cuts by OPEC and its allies, together known as OPEC, as well as rising tensions in the Middle East.

Brent crude was trading around 78 a barrel on Thursday, having lost about 10 in 2023 to finish the…