OPEC: “exaggerated” concerns about oil demand are the reason for the decline in prices

The International Energy Agency on Thursday raised its forecast for global oil demand growth next year, despite an expected economic slowdown, citing improving prospects for the United States and declining oil prices.

Although the agency, which represents the industrialized countries, raised expectations, there remained a large gap between them and the expectations of the Organization of the Petroleum Exporting Countries (OPEC), which represents the producing countries for next year. The two sides have disagreed in recent years on issues such as long-term demand and the need to invest in new supplies.

The Paris-based International Energy Agency said in a monthly report that global consumption will rise by 1.1 million barrels per day in 2024, an increase of 130,000 barrels per day from its previous forecast.