A truck drives past oil pump jacks at dusk near Karnes City, Texas, United States, Nov 1, 2023. (PHOTO / AP)

LONDON - The International Energy Agency (IEA) on Tuesday raised its oil demand growth forecasts for this year and next despite an expected deceleration in economic growth in nearly all major economies.

Oil demand has been supported this year by resilient US deliveries, while 2024 expectations are underpinned by hopes of interest rate cuts and the recent fall in crude prices, the Paris-based agency said.

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"For now, with demand still exceeding available supplies heading into the Northern Hemisphere winter, market balances will remain vulnerable to heightened economic and geopolitical risks – and further volatility ahead," it said.