he IEA is increasingly bearish on the oil demand outlook for 2024, noting in its latest Oil Market Report (OMR) that “a marked slowdown in global oil demand growth that will characterize much of 2024 was already well underway in 4Q23.” The organization expects demand growth to decelerate sharply this year, dropping from 2.28mn b/d in 2023 to just 1.22mn b/d as the post-pandemic growth phase comes to an end.

The February OMR states that this year’s demand growth will largely come from China, with additional support from India and Brazil. Between them, the trio are expected to account for 78% of 2024’s global demand growth. However, the report adds that “Chinese oil demand growth is losing momentum, in line with a wider cooling in the country’s economy,” citing weaker than expected demand in November and December. (CONTINUED - 709 WORDS)