IEA Oil Market Report-November 2024: Highlights

SEATTLE (Oil Monster): The Oil Market Report for November 2024 was released by the International Energy Agency (IEA).

According to the IEA study, Libyan supplies helped offset reduced supplies from Iran and Kazakhstan, causing the world oil supply to climb by 290 kb/d in October to 102.9 mb/d. In October of this year, refinery margins showed improvement. Seasonal factors caused the global refinery runs to drop in October, but they have since begun to rise again in November. In 2025, refinery runs are predicted by the IEA to average 83.4 mb/d, up from 82.8 mb/d this year.

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September saw a 47.5 mb drop in global oil stockpiles, the lowest since January. According to the preliminary figures, October saw a fall in total world oil stockpiles for the fifth consecutive month.

According to the IEA, global oil demand will increase by 920 kb/d this year to 102.8 mb/d in 2024, and then by only about 1 mb/d to 103.8 mb/d the following year. The main causes of the slowdown in demand growth are attributed to the weak underlying global economic circumstances and the growing use of clean energy technology.

Additionally, oil prices around the world have dropped from their peak in early October of this year. The IEA reported that by mid-November, the prices had dropped from $80 per barrel in early October to about $72 per barrel.