Global Oil Demand Growth Slows as Economic Activity Weakens

Despite the slowdown, global oil demand growth is still expected to increase significantly this year, reaching a record average of 101.7 million barrels a day.

Global oil demand growth is slowing down sharply as economic activity weakens in key countries, according to the International Energy Agency (IEA).
The IEA has cut nearly 400,000 barrels a day from assessments of consumption growth for the final three months of 2023 and expects growth rates to decelerate dramatically next year.
Despite the slowdown, global oil demand growth remains on track to increase by a substantial 2.3 million barrels a day this year to average a record 101.7 million a day.
Oil prices have tumbled this quarter on persistent concerns that global supplies are outpacing demand, despite plans for deeper output cuts by OPEC+.
Non-OPEC producers led by Brazil, Guyana and the United States are set to drive output growth in 2024, boosting supply of light sweet oil, while medium sour grades are set to stay tight on OPEC+ cuts.