IEA raises 2024 oil demand growth forecast by 110,000 bpd
Houthi attacks on shipping lead to longer routes
Economic headwinds still seen putting damper on growth
Sees 2024 oil balance in slight deficit from previous surplus

LONDON, March 14 Reuters The International Energy Agency on Thursday raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping, though it remains far less bullish than producer group OPEC.

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 supply.

World oil demand will rise by 1.3 million bpd in 2024, the IEA said in its latest report, up 110,000 bpd from last month. It forecast a slight supply deficit this year after OPEC members extended cuts, from a surplus previously.

Brent crude oil rose as much as 80 cents a barrel towards 85 after the IEA report was released, touching its highest since November.

Quite a bullish report, with upward revisions on demand growth, and lower supply growth estimates, said UBS analyst Giovanni Staunovo.

The IEA had initially forecast 2024 demand growth of 860,000 bpd in June 2023. Demand rose by 2.3 million bpd last year.

The slowdown in growth, already apparent in recent data, means that oil consumption reverts towards its historical trend after several years of…