BAKU, Azerbaijan, March 15. Oil demand growth in non-OECD countries is expected to slow down to 1.4 mb/d in 2024, Trend reports.
According to the International Energy Agency (IEA), this is due to the tougher economic situation for emerging markets, and adjustments are happening in their baseline figures.
With the pandemic period coming to an end, growth trends are observed before COVID-19. The Middle East, along with China, India, and Brazil, will be the main drivers of this expansion.
Unlike last year, where the growth was skewed, this year the agency expects a more balanced increase across different oil products.
The demand for fuel oil is expected to rise due to increased bunkering activity following the Red Sea crisis. In 2023, non-OECD countries experienced a total oil demand growth of 2.2 mb/d, with China contributing the most to this growth (80 percent). Among different oil products, jet fuel and kerosene dominated, accounting for 30 percent of the growth.
