LONDON: The International Energy Agency on Thursday raised its global oil demand growth forecast for next year despite an expected economic slowdown, citing an improvement in the outlook for the US and lower oil prices. Despite the upgrade, there is still a sizeable gap between the IEA, which represents industrialized countries, and the Organization of the Petroleum Exporting Countries over 2024 demand prospects. World consumption will rise by 1.1 million barrels per day in 2024, the Paris-based IEA said in a monthly report, up 130,000 bpd from its previous forecast. The revision reflects “a somewhat improved GDP outlook compared with last month"s report,” the IEA said. “This applies especially to the US where a soft landing is coming into view.” “Falling oil prices act as an additional boost to oil consumption,” it said. Oil has weakened to a six-month low near $72 a barrel this week, even after OPEC+, which includes OPEC and allies such as Russia, on Nov. 30 announced a new round of production cuts for the first quarter of 2024. Crude was up over $1 on Thursday after the IEA report was released to trade above $75. The IEA said the extension of the OPEC+ supply cuts had done little to boost prices and that higher output in other nations would act as a headwind. “The continued rise in output and slowing demand growth will complicate efforts by key producers to defend their market share and maintain elevated oil prices,” the IEA said. OPEC in a monthly report on Wednesday kept its forecast for world oil demand growth in 2023 steady at 2.46 million bpd. In 2024, OPEC sees demand growth of 2.25 million bpd, also unchanged from last month.