Growth in global oil demand decelerated to 1.7 million barrels per day in fourth quarter 2023 compared to 2022Q4, according to January’s “Oil Market Report” from International Energy Agency. That was lower than the 3.2 million b/d growth recorded in second and third quarters of last year. IEA projects further decline of growth to 1.2 million b/d in 2024 from 2.3 million b/d in fullyear 2023.
World oil supply is anticipated to increase by 1.5 million b/d to reach a record high of 103.5 million b/d in 2024. The surge is fueled by record-setting production in U.S. (driven by production in Permian Basin), Canada, Brazil and Guyana.