The International Energy Agency (IEA) recently released a latest report showing that although oil production in the United States and Brazil maintained strong growth, global oil production in November was 102.13 million barrels per day, a decrease of 0.11%, or 120,000 barrels per day.
Higher-than-expected U.S. supply, strong performance in Brazil and surging production in Iran, coupled with slowing global demand, prevented the oil market from experiencing a previously expected tighter supply situation in the fourth quarter of 2023, the report said. Global oil demand is expected to reach 102.78 million barrels per day in 2024, and China's oil demand will decline significantly.
The International Energy Agency said that in addition to structural headwinds such as more stringent energy efficiency standards and the expanding electric vehicle market, global GDP growth will further decline, from 3% in 2023 to 2.6% in 2024. Global oil demand is expected to reach 101.7 million barrels per day in 2023.
Global oil demand[Nov 7rd, 2023]