Oil-demand growth is expected to weaken further, while China’s role in global demand remains significant

  • Global oil-demand growth slowed significantly at the end of last year
  • Demand growth is projected to ease to 1.2 million barrels a day in 2024
  • China is set to account for almost 60% of global demand growth this year
  • Global economic growth is expected to slow this year
  • Record supply from the U.S., Brazil, and Guyana is estimated to lift world oil supply
  • Rising geopolitical tensions in the Middle East have markets on edge
  • The market looks well supplied this year, but a surplus is possible if OPEC+ cuts are unwound

Global oil-demand growth slowed significantly at the end of last year and is expected to weaken further, marking a return to prepandemic trends. The International Energy Agency projects that demand growth will ease to 1.2 million barrels a day in 2024, with China accounting for almost 60% of global demand growth. However, global economic growth is expected to slow this year. Record supply from the U.S., Brazil, and Guyana is estimated to lift world oil supply. Rising geopolitical tensions in the Middle East have markets on edge. While the market looks well supplied this year, a surplus is possible if OPEC+ cuts are unwound.

Public Companies: Organization of the Petroleum Exporting Countries (OPEC)
Private Companies:
Key People: Giulia Petroni (Author)

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Factuality Level: 7
Justification: The article provides information from the International Energy Agency’s monthly report and the Organization of the Petroleum Exporting Countries. It includes data on global oil-demand growth, projections for future demand, and factors affecting oil prices and supply. The article does not contain obvious bias or personal perspective, but it lacks in-depth analysis and context.

Noise Level: 7
Justification: The article provides information on global oil-demand growth and projections, as well as factors affecting supply and prices. It includes data from the International Energy Agency and the Organization of the Petroleum Exporting Countries. However, the article lacks in-depth analysis and does not provide actionable insights or solutions.

Financial Relevance: Yes
Financial Markets Impacted: Global oil markets and companies in the oil industry

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the projected slowdown in global oil-demand growth and its impact on the oil industry. While there is no mention of an extreme event, the information provided is relevant to financial markets and companies in the oil sector.

Reported publicly: www.marketwatch.com