A comparison of oil demand projections for 2023 and 2024 from the IEA Monthly Oil Market Report, OPEC’s Monthly Oil Market Report and the EIA Short-Term Energy Outlook. OPEC’s demand outlook remained the most bullish.

• The IEA raised its global oil demand forecast for 2024 by 100kbpd with demand expected to grow by 1.1mbpd to 102.8mbpd.
• However, the IEA cut its oil consumption growth forecast for this year by 90kbpd to 2.3mbpd with demand expected to reach 101.7mbpd. In addition, IEA cut its demand outlook for 4Q 2023 by 390kbpd with demand now expected to grow by 1.9mbpd in Q4, down from 2.8mbpd in 3Q.
• OPEC left oil demand growth expectations for this year and next unchanged, while the group raised its 2023 economic growth forecast. OPEC oil demand is forecast to grow by 2.5mbpd to reach 102.1mbpd this year.
• For 2024, OPEC expects demand to grow by 2.2mbpd 104.4mbpd.
• The EIA slightly lowered its oil demand forecast for 2024 to 102.34mbpd, from 102.44mbpd previously. The oil demand growth forecast for 2024 has been lowered to 1.34mbpd, from 1.4mbpd previously.
• The EIA slightly revised lower global oil demand growth for 2023 to 1.8mbpd, from 1.88mbpd prior, to reach 101mbpd.