According to the International Energy Agency (IEA) oil report, global oil demand growth has slowed down, with annual gains decreasing from 2.8 million barrels per day (mbbl/d) in Q3 2023 to 1.8 mbbl/d in Q4 2023. The report also stated that the expansion in global oil demand is expected to decrease by 1.2 mbbl/d in 2024, compared to 2.3 mbbl/d last year. The slowdown is attributed to a decline in China’s oil consumption and the post-pandemic growth phase reaching its peak. Despite a decline in global oil supply due to the shutdown of oil production in North America and OPEC+ output cuts, record output from countries like the US, Brazil, Guyana, and Canada will boost non-OPEC+ supply by 1.6 million barrels per day (mmbl/d) this year.
