www.ogj.com
Open in
urlscan Pro
2606:4700::6812:1832
Public Scan
URL:
https://www.ogj.com/general-interest/economics-markets/article/14303811/iea-oil-demand-growth-to-slow-in-2024-while-...
Submission: On December 01 via api from US — Scanned from US
Submission: On December 01 via api from US — Scanned from US
Form analysis 1 forms found in the DOM
<form class="web-subscribe-form">
<div class="non-compliance-fields">
<div class="web-form-fields fields">
<div class="form" style="font-family: "Fira Sans", Arial, sans-serif;">
<div class="row" style="z-index: 2;">
<div class="fields columns-1">
<div class="field"><!---->
<div data-v-7c24b323="" class="email-field"><input data-v-7c24b323="" id="email" name="email" type="email" placeholder="Email Address" required="" class=""><!----><!----></div>
</div>
</div>
</div>
<div class="row" style="z-index: 1;">
<div class="fields columns-1">
<div class="field"><!---->
<div data-v-0dea6152="" class="form-field-select">
<div data-v-0dea6152="" dir="auto" class="v-select vs--single vs--searchable select" id="countryCode" name="countryCode" required="true" menu-props="auto">
<div id="vs1__combobox" class="vs__dropdown-toggle" role="combobox" aria-expanded="false" aria-owns="vs1__listbox" aria-label="Search for option">
<div class="vs__selected-options"><input data-v-0dea6152="" maxlength="20" class="vs__search" aria-autocomplete="list" aria-labelledby="vs1__combobox" aria-controls="vs1__listbox" type="search" autocomplete="off" value=""
placeholder="Country"></div>
<div class="vs__actions"><button type="button" class="vs__clear" title="Clear Selected" aria-label="Clear Selected" style="display: none;"><svg xmlns="http://www.w3.org/2000/svg" width="10" height="10">
<path
d="M6.895455 5l2.842897-2.842898c.348864-.348863.348864-.914488 0-1.263636L9.106534.261648c-.348864-.348864-.914489-.348864-1.263636 0L5 3.104545 2.157102.261648c-.348863-.348864-.914488-.348864-1.263636 0L.261648.893466c-.348864.348864-.348864.914489 0 1.263636L3.104545 5 .261648 7.842898c-.348864.348863-.348864.914488 0 1.263636l.631818.631818c.348864.348864.914773.348864 1.263636 0L5 6.895455l2.842898 2.842897c.348863.348864.914772.348864 1.263636 0l.631818-.631818c.348864-.348864.348864-.914489 0-1.263636L6.895455 5z">
</path>
</svg></button><svg xmlns="http://www.w3.org/2000/svg" width="14" height="10" role="presentation" class="vs__open-indicator">
<path
d="M9.211364 7.59931l4.48338-4.867229c.407008-.441854.407008-1.158247 0-1.60046l-.73712-.80023c-.407008-.441854-1.066904-.441854-1.474243 0L7 5.198617 2.51662.33139c-.407008-.441853-1.066904-.441853-1.474243 0l-.737121.80023c-.407008.441854-.407008 1.158248 0 1.600461l4.48338 4.867228L7 10l2.211364-2.40069z">
</path>
</svg>
<div class="vs__spinner" style="display: none;">Loading...</div>
</div>
</div>
<ul id="vs1__listbox" role="listbox" style="display: none; visibility: hidden;"></ul>
</div><!---->
</div>
</div>
</div>
</div>
</div>
</div>
<div class="full-button">
<div data-v-f66234c9="" class="ebm-button-wrapper solid" style="--button-accent-color: #134e85; --hollow-hover-background: #212529;"><button data-v-f66234c9="" type="submit" class="ebm-button ebm-button--solid ebm-button--large"
style="background-color: rgb(19, 78, 133); color: rgb(255, 255, 255); border-width: 1px; border-color: rgb(19, 78, 133);">
<div data-v-f66234c9="" class="content icon-left"><!----><span data-v-f66234c9="" class="ebm-button-label">SIGN UP</span><!----></div>
</button></div>
</div>
</div><!---->
<div class="mobile-button">
<div data-v-f66234c9="" class="ebm-button-wrapper solid" style="--button-accent-color: #134e85; --hollow-hover-background: #212529;"><button data-v-f66234c9="" type="submit" class="ebm-button ebm-button--solid ebm-button--large"
style="background-color: rgb(19, 78, 133); color: rgb(255, 255, 255); border-width: 1px; border-color: rgb(19, 78, 133);">
<div data-v-f66234c9="" class="content icon-left"><!----><span data-v-f66234c9="" class="ebm-button-label">SIGN UP</span><!----></div>
</button></div>
</div>
</form>Text Content
SubscribeMagazinePast IssuesSurveysIndustry StatisticsAbout UsMembers
OnlyPodcasts
* Login
* Join
*
General InterestExploration & DevelopmentDrilling & ProductionRefining &
ProcessingPipelines & TransportationLNGEnergy Transition
Topics
General InterestExploration & DevelopmentDrilling & ProductionRefining &
ProcessingPipelines & TransportationEnergy Transition
Resources
MEMBERS ONLYBecome a memberEventsMagazinePast IssuesVideosWhite
PapersWebcastsResearchSurveysIndustry StatisticsBest Places to WorkSubmit an
ArticleRSS FeedPodcasts
User Tools
SubscribeAdvertiseAbout UsContact Us
http://www.facebook.com/ogjonline
https://www.linkedin.com/company/oil-&-gas-journal
http://twitter.com/ogjonline
1. General Interest
2. Economics & Markets
IEA: OIL DEMAND GROWTH TO SLOW IN 2024 WHILE SUPPLY TO HIT NEW HIGH
Jan. 18, 2024
Global oil demand growth decelerated to 1.7 million b/d year-on-year in
fourth-quarter 2023, significantly lower than the 3.2 million b/d rate observed
in the second and third quarters of the same year.
OGJ editors
*
*
*
*
*
IEA.
Demand/Supply Balance.
Global oil demand growth decelerated to 1.7 million b/d year-on-year (y-o-y) in
fourth-quarter 2023, significantly lower than the 3.2 million b/d rate observed
in the second and third quarters of the same year, mirroring the unwinding of
China’s post-pandemic release of travel demand, the International Energy Agency
(IEA) said in the January 2024 Oil Market Report (OMR).
IEA’s projections indicate a further easing of growth to 1.2 million b/d in 2024
from 2.3 million b/d in 2023. This deceleration is attributed to macroeconomic
challenges, stricter efficiency standards, and the increasing presence of
electric vehicles.
“Over the course of 2023, the pace of demand growth outside of China slowed
significantly, to around 300,000 b/d on average during second-half 2023. China
will continue to lead oil demand growth in 2024, with its expanding
petrochemical sector gaining an ever-larger share,” IEA said.
World oil supply is anticipated to increase by 1.5 million b/d, reaching a
record high of 103.5 million b/d in 2024. This surge is fueled by record-setting
output from the US, Brazil, Guyana, and Canada. Non-OPEC+ production is expected
to drive growth, accounting for nearly 1.5 million b/d. In contrast, OPEC+
supply is projected to remain relatively stable compared to the previous year,
assuming extra voluntary cuts that started in January 2024 are phased out
gradually in the second quarter.
“At the start of 2024, the risk of global oil supply disruptions from the Middle
East conflict remains elevated, particularly for oil flows via the Red Sea and,
crucially, the Suez Canal. In 2023, roughly 10% of the world’s seaborne oil
trade, or around 7.2 million b/d of crude and oil products, and 8% of global LNG
trade passed through this major trade route. The main alternative shipping route
around Africa’s Cape of Good Hope extends voyages by up to 2 weeks – adding
pressure on global supply chains and boosting freight and insurance costs,” IEA
said.
Barring significant disruptions to oil flows, the market looks reasonably well
supplied in 2024, IEA added.
REFINING, OIL INVENTORY
The discrepancy in regional refinery profitability narrowed further in December
2023 as margins weakened in the Atlantic Basin but strengthened in Singapore,
according to IEA. Refinery crude throughputs are forecasted to average 83.3
million b/d in 2024, surpassing the previous record of 82.5 million b/d in 2018.
However, the gap between OECD and non-OECD runs will continue to widen due to
new capacity additions in the Middle East, Africa, and China.
Global observed oil inventories decreased by 8.4 million bbl in November 2023,
reaching their lowest level since July 2022. Crude oil and middle distillates
were notably tight. A decline in oil on water (-12 million bbl) was partially
offset by on-land stock builds (+3.6 million bbl). Oil products saw a
substantial decrease of 24.6 million bbl, while crude oil inventories rose by
16.2 million bbl. Preliminary data suggests that global inventories increased in
December, driven by a surge in oil on water.
RUSSIAN OIL EXPORTS
Russian oil exports increased by 500,000 b/d to a 9-month high of 7.8 million
b/d in December 2023, IEA data shows. Crude shipments rose by 240,000 b/d
month-on-month (m-o-m) to 5 million b/d, and product flows increased by 260,000
b/d. Despite this, estimated export revenues declined to a 6-month low of $14.4
billion, attributed to increased Russian oil price discounts and a drop in
benchmark oil prices.
SIGN UP FOR OIL & GAS JOURNAL NEWSLETTERS
OGJ Daily Update
Timely news and analysis on rapidly changing industry conditions and events;
upstream, midstream, and downstream. (Monday-Friday)
Energy Transition Update
The energy transition intersects with the oil and gas industry at many points,
from biofuels and carbon capture and sequestration to hydrogen and alternative
ways of powering operations. This newsletter highlights the biggest developments
in these areas. (Monthly)
Exploration, Drilling & Production
Global updates on exploration, production starts, field development, rig
activity, and key technology developments. Coverage includes US and
international conventional and unconventional plays, wells, offshore activity,
and deals for both dry and liquid-rich plays. (Second & Fourth Tuesday)
Loading...
SIGN UP
SIGN UP
By submitting your information, you are agreeing to Endeavor Business Media's
Terms of Service and Privacy Policy.
CONTINUE READING
IEA: OIL DEMAND GROWTH TO ACCELERATE IN 2019 FOURTH QUARTER
IEA RAISES GLOBAL OIL DEMAND ESTIMATE FOR 2018
LATEST IN ECONOMICS & MARKETS
EIA
Economics & Markets
GLOBAL NATURAL GAS BALANCE MAY TIGHTEN FIRST-QUARTER 2025
Nov. 27, 2024
US Energy Information Administration.
Economics & Markets
EIA DETAILS FACTORS BEHIND DECLINING GASOLINE CONSUMPTION IN CHINA
Nov. 20, 2024
MOST READ
EXXONMOBIL FILES FOR ARBITRATION IN CHEVRON-HESS GUYANA DISPUTE
NIGERIA’S NNPCL RESTARTS PORT HARCOURT REFINERY
EXXONMOBIL MAKES FIRST DISCOVERY OF 2024 AT STABROEK BLOCK OFFSHORE GUYANA
Load More Content
http://www.facebook.com/ogjonline
https://www.linkedin.com/company/oil-&-gas-journal
http://twitter.com/ogjonline
* About Us
* Contact Us
* Advertise
* Privacy Policy
* Terms & Conditions
© 2024 Endeavor Business Media, LLC. All rights reserved.
This website uses cookies to enhance your browsing experience and serve
personalized content.Privacy Policy
Accept All
PRIVACY PREFERENCE CENTER
When you visit any website, it may store or retrieve information on your
browser, mostly in the form of cookies. This information might be about you,
your preferences or your device and is mostly used to make the site work as you
expect it to. The information does not usually directly identify you, but it can
give you a more personalized web experience. Because we respect your right to
privacy, you can choose not to allow some types of cookies. Click on the
different category headings to find out more and change our default settings.
However, blocking some types of cookies may impact your experience of the site
and the services we are able to offer.
More information
Allow All
MANAGE CONSENT PREFERENCES
STRICTLY NECESSARY COOKIES
Always Active
These cookies are necessary for the website to function and cannot be switched
off in our systems. They are usually only set in response to actions made by you
which amount to a request for services, such as setting your privacy
preferences, logging in or filling in forms. You can set your browser to block
or alert you about these cookies, but some parts of the site will not then work.
These cookies do not store any personally identifiable information.
STATISTICAL COOKIES
Always Active
These cookies allow us to count visits and traffic sources so we can measure and
improve the performance of our site. They help us to know which pages are the
most and least popular and see how visitors move around the site. These cookies
generate aggregate statistics that are not associated with an individualized
profile. If you do not allow these cookies we will not know when you have
visited our site, and will not be able to monitor and improve its performance.
FUNCTIONALITY COOKIES
Always Active
These cookies enable the website to provide enhanced functionality and
personalisation. By recognizing you when you return to our website, these
cookies allow us to record information about your visit to our website, such as
pages visited, links followed, and videos viewed so we can personalize our
content for you, remember your preferences (for example, your choice of topics,
language or region), and display advertising that is more relevant to your
interests. These cookies may enable visitor identification over time, but not
across non-Endeavor Business Media websites. They may be set by us or by third
party providers whose services we have added to our pages. If you do not allow
these cookies then some or all of these services may not function properly.
THIRD PARTY ADVERTISING COOKIES
Always Active
These cookies may be set through our site by third party advertisers. They may
be used by those companies to build a profile of your interests and show you
relevant advertisements on other sites. These cookies may enable visitor
identification across websites and over time. They are based on uniquely
identifying your browser and internet device. We do not control the third
party's use of those cookies, their duration, or their ability to share
information with other third parties. Please review each party's cookie
disclosure before consenting to this use category.
SOCIAL MEDIA COOKIES
Always Active
Our website may contain helpful but non-essential features or plug-ins enabling
third party social media services that use cookies to enable you to share our
content with your friends and networks. These cookies may enable visitor
identification across websites over time and building a profile of your
interests. This may impact the content and messages you see on other websites
you visit. We do not control the third party's use of those cookies, their
duration, or their ability to share information with other third parties. If you
do not allow these cookies you may not be able to use or see these sharing
tools.
Back Button
COOKIE LIST
Search Icon
Filter Icon
Clear
checkbox label label
Apply Cancel
Consent Leg.Interest
checkbox label label
checkbox label label
checkbox label label
Confirm My Choices
CLOSE AND CONTINUE TO SITE >
X
CONTINUE TO SITE>