Republican Lawmakers Blame IEA for Straying From Energy Security Mission

Congress leaders from the Republican Party have sent a letter to Fatih Birol, the executive director of the International Energy Agency, expressing concern that the IEA has strayed from its core mission of promoting energy security.

and other forecasters, saying that rising energy efficiency and electric vehicle uptake would dent oil demand growth. In its latest monthly assessment, the IEA raised last week its 2024 outlook on global oil demand growth, by 110,000 barrels per day bpd from the February report. The Paris-based agency revised up its demand growth projection to 1.3 million bpd for 2024, compared to 1.2 million bpd expected in last month’s report.

’s. expects global oil demand to expand by a “robust” 2.2 million bpd in 2024, and to see another 1.8 million bpd annual growth in 2025. The IEA also predicted last year that demand for all three fossil fuels – oil, gas, and coal – would peak by the end of this decade. By Tsvetana Paraskova for Oilprice.com

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IEA: Oil market to shift from surplus to deficit if OPEC extends cutsThe International Energy Agency (IEA) has stated that the oil market will shift from a surplus to a supply deficit for the entirety of 2024 if OPEC extends its production cuts until the end of the year. The IEA assumes that OPEC will continue with the voluntary cuts through 2024, prompting a change in its view on the supply-demand balance. The agency also raised its 2024 outlook on global oil demand growth.
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