This quarter’s oil demand highlights include another muted quarter-on-quarter (QoQ) demand growth in Organization for Economic Cooperation and Development countries, while non-OECD countries experienced greater growth. Continued monetary tightening policies, fears over weakening signs from the United States economy in the first half of 2024, and governments’ hesitation to take on further debt, particularly in OECD countries, indicate that challenging times may still lie ahead. As a result, OECD QoQ growth is expected to decline by 400 thousand barrels per day, while non-OECD demand is expected to increase by roughly 650 Kb/d.
