The Organization of the Petroleum-Exporting Countries and the IEA, which represents industrialised countries, have clashed in recent years over issues such as the long-term oil demand outlook and the need for investment in new supplies.lowered its forecast for growth in oil demand in 2024 to 880,000 barrels per day from 1 million bpd, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption.stuck to its forecast that demand will rise by 2.
"In 2024, solid global economic growth, amid continued improvements in China, is expected to further boost oil consumption," OPEC said in a monthly report. Crude rose close to $100 a barrel in September before falling on economic concerns, only to jump on Monday on concern the clashes between Israel and Palestinian Islamist group Hamas could escalate and disrupt supply.
OPEC still expects oil demand in Organisation for Economic Co-operation and Development countries to rise in 2024, while the IEA sees it entering "what is likely to be a permanent decline".
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