IEA and OPEC foresee slower oil demand growth in 2023 on economic headwinds, stronger in 2024

Oil demand is projected to reach a record high in 2023 but growth forecasts have been trimmed due to economic challenges.
China is expected to account for most of the demand growth in 2023 while Europe lags.
Vehicle electrification and efficiency measures are seen slowing growth in 2024.
OPEC predicts higher 2024 growth than IEA, sees need for more OPEC supply.
US shale output growth expected to decline in 2024.