The International Energy Agency (IEA) has lowered its growth forecast for oil demand in 2024 due to global economic conditions and increased energy efficiency. The IEA now predicts a rise of 880,000 barrels per day, down from its previous forecast of 1 million. However, the agency raised its 2023 demand forecast to 2.3 million bpd. OPEC+ has been limiting supplies to support prices, but if extra cuts are removed in January, there could be a surplus.