LONDON - The International Energy Agency trimmed its forecast for 2024 oil demand growth on Wednesday, further expanding the chasm between it and oil producer group OPEC regarding the outlook for global oil demand this year.
Meanwhile, the Organization of the Petroleum Exporting Countries on Tuesday stuck by its expectation that world oil demand will rise by 2.25 million barrels per day in 2024.The sizable split between the two forecasts is partly due to different views on the pace of the global transition to cleaner fuels.
"Combined with weak diesel deliveries in the United States at the start of the year, this was enough to tip OECD oil demand in the first quarter back into contraction," the IEA said. A Japanese company, Asahi Kasei, has announced it will build an approximately $1.6-billion plant in Ontario's Niagara Region that will make a key electric vehicle battery component as part of Honda's supply chain in the province. "We are the leaders in that transformation and that's going to pay dividends for a generation," Canada's Innovation Minister François-Philippe Champagne said on Tuesday.
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