In its monthly oil market report published on Thursday, the International Energy Agency (IEA) lowered the global oil demand growth forecast for 2024.

Additional takeaways

2024 global oil demand growth forecast seen at 1.22 mil bpd (previously 1.24 mil bpd).

Global oil demand growth is losing momentum, pace set to decelerate in part due to China.

Oil market balances tightened in January, driven by supply outages in US and Canada.

Expects slight inventories build in Q1 despite OPEC cuts.