Oil Prices Surge on IEA’s Revised Market Tightness Forecast
IEA Predicts 2024 Improved Oil Prospects The International Energy Agency (IEA) has revised its full-year outlook for oil demand growth, attributing it to Houthi attacks in the Red Sea and an improved U.S. outlook. Despite the upward adjustment by 110,000 barrels per day (bpd), reaching 1.3 million bpd, it still lags behind OPEC’s forecast. The ...