IMG.gif
Supplement

Demand Outlook 2024: World Resets on a Lower Growth Trend

Copyright © 2022 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
Tanker,Truck,Driver,Delivers,Gasoline,Gas,Station,Supply,Demand,Availability,Transporting,Oil

  • Oil demand in 2024 has passed the worst of the recession but a tight 2023-24 winter supply outlook in Europe keeps the brakes on growth.
  • Inflation will peak in 2023 and subside in 2024 on tighter central bank policies and lower commodity prices, but Europe will run short gas again.
  • Jet fuel demand is the only product showing resilience given an incomplete rebound in 2023 after the economic slump.
  • Tight supply keeps product prices high at a time that demand cools off in response to a structural change in consumer habits.

The year 2024 will mark the beginning of a new, flatter growth regime for oil demand. If 2023 sees the worst of the recession, 2024 starts with supply bottlenecks and high fuel prices that put a brake on demand growth. The Energy Intelligence forecast sees global oil consumption growing by 932,000 barrels per day to 101.96 million b/d in 2024, led by an early economic pull from the US and a late but gradual recovery from China.

Topics:
Oil Demand, Oil Forecasts, Oil Products, Oil Prices
Wanda Ad #2 (article footer)
#
Current price spreads indicate that the supply tightness that has defined oil markets in recent months has diminished.
Tue, Nov 29, 2022
Oil consumption in 2023 is forecast to grow by an average 1.65 million b/d, down 100,000 b/d from last month’s forecasts.
Mon, Nov 28, 2022