IEA: Oil Supply Increase More Than Enough to Meet Demand Growth in 2024

Oil supply increases from the Americas will be more than enough to meet demand growth this year, putting downward pressure on oil prices this year in the absence of a major geopolitical escalation in the Middle East, the International Energy Agency’s (IEA) Executive Director Fatih Birol told Bloomberg on Tuesday.     The IEA sees global oil demand growth significantly weakening in 2024 from 2023, Birol said, adding that the agency sees consumption growing by 1.2 million barrels per day (bpd) to 1.3 million bpd this…