According to the International Energy Agency’s (IEA) latest report global oil demand growth will drop to 900,000 barrels a day in 2024, mainly due to the deteriorating economic climate.
For the fourth quarter of 2023, the IEA expects global oil demand to continue its strong growth trend, with an annual increase from 2.3 million barrels a day, to 101.9 million barrels a day for the whole of 2023. China and other countries such as India and Brazil will be the driving force behind it.
The global oil supply will increase by 1.5 million barrels a day in 2023 while in 2024 it will reach 1.7 million barrels per day. These figures represent new all-time highs. The overall production of the OPEC+ countries is set to decline in 2023, although Iran could rank as the world’s second largest source after the US.
Translation by Giles Foster
