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Mar 14, 2024REPORTGlobal

IEA raises oil demand outlook again but still lags OPEC

The IEA raised its 2024 oil demand growth forecast by 110,000 bpd for a fourth time since November, citing Houthi attacks that lengthen Red Sea shipping routes. The agency still sees less demand growth than OPEC.

WHY IT MATTERS

A firmer demand outlook supports crude prices, and longer Red Sea routes raise freight costs for grain and oilseed imports.

AFFECTSCrude Oil (Brent)▲

SOURCE
reuters.comNoah BrowningMar 14, 2024

Price reaction & history

Crude Oil (Brent)▲bullishSO FAR1d +2.1%5d +2.2%20d +7.9%

After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.

Nov 13, 2023Oil settles up 1% as OPEC report dampens demand concerns | Reuters-2.0%
Apr 14, 2023Oil rises, logs weekly gains after IEA predicts record demand-4.8%
Mar 14, 2024Oil prices climb as revised IEA outlook signals tighter market | Reuters+2.2%
Apr 30, 2018OPEC oil output falls by 70,000 bpd in April - Reuters survey-0.2%
Jan 9, 2026OPEC oil output falls in December on Iran and Venezuela, Reuters survey finds | Reuters+3.7%

Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.

Crude Oil (Brent) BRENT · GP ▸

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