Market Update: The International Energy Agency (IEA) has slightly increased its global oil demand projection for the first quarter by 110,000 barrels per day (b/d), citing improved outlooks for the US petrochemical sector and shipping industry. However, the agency has revised down its expectations for 2024 demand growth to 1.3 million b/d from 2.3 million b/d, signaling a slowdown in consumption. Factors contributing to this decline include a weaker economic outlook, efficiency improvements, and rising electric vehicle sales. Global oil production is anticipated to rise by 800,000 b/d to 102.9 million b/d, with non-OPEC+ supply leading the gains from the second quarter onwards.
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