IEA: Global oil demand drops to 400kb/d in December    

In a surprising turn, the global oil demand is projected to rise by 2.3 million barrels per day (mb/d) to 101.7 mb/d in 2023. However, this growth is overshadowed by a weakening macroeconomic climate, particularly in Europe, leading to a 400 kb/d downward revision in 4Q23 demand. The slowdown is expected to persist into 2024,