For the second month in a row, the International Energy Agency lowered its forecast for global oil demand growth this year. This is under pressure from an economic slowdown and mild weather in Europe.

According to the agency, global demand for oil will increase by 1.1 million barrels per day this year, about 140,000 barrels less than what was expected a month ago, while the agency maintained its previous estimate of the growth of global oil demand next year by 1.2 million barrels per day.

The International Energy Agency's estimates of global oil demand are lower than those of a broad sector of the oil industry, as giant commodity companies such as Trefigura and Gunvor Group expect growth approaching 1.4 million or 1.5 million barrels per day in global oil demand this year.

In its monthly report issued yesterday, Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) maintained its expectations of relatively strong growth in global oil demand in 2024.

OPEC said that global oil demand will rise by 2.25 million barrels per day in 2024, and by 1.85 million barrels per day in 2025. The organization did not change any of its forecasts from last month.