J.P. Morgan observes the slowest oil demand growth in nine months in December 2023, with expectations of yearly demand growth of 1.3 million barrels a day. The U.S. is expected to experience a 100,000 barrels a day decline in gasoline demand, while European countries face a decline due to weak industrial fuels. China's oil demand in the last quarter of 2023 is estimated at 16.4 million barrels a day. Analysts anticipate interest rate cuts and lower oil prices to stimulate demand, with a difference between IEA and OPEC estimates for 2024 standing at 1% of daily world oil use.

Slowest Oil Demand Growth in Nine Months