EIA Lowers Global Oil Demand Growth Expectations for 2024

  On the issue of future oil demand prospects, EIA and OPEC have shown differences, with the most recent OPEC monthly report showing optimism about the growth of oil demand next year. But the data released by the EIA yesterday contradicts it, as the EIA believes that oil growth may slow down next year. Specifically, the report shows that the EIA has lowered its estimated growth rate for global oil demand in 2024 by 60000 barrels per day to 1.34 million barrels per day. The report also lowered the estimated increase in global oil demand for 2023 by 30000 barrels per day to 1.85 million barrels per day. Many negative news intensified the decline in the oil market.
  The market clearly indicates that the oversupply situation is deepening or worsening. If the United States continues to increase production, OPEC's ability to reduce production may not be sufficient to balance the market. At the same time, CPI data, EIA reports, and Russian maritime crude oil data jointly suppress oil prices, and international crude oil may continue to be under pressure in the short term.