Chinese oil demand rose to another record high of 17.1 mb/d in September, underpinning global growth. China is set to account for 1.8 mb/d of the total 2.4 mb/d increase that lifts demand to 102 mb/d in 2023. Overall growth is expected to slow to 930 kb/d in 2024. In the OECD, economic headwinds are increasingly apparent, with this year’s slim demand gains giving way to a contraction in 2024. World oil output increased by 320 kb/d in October to 102 mb/d. Growth in the United States and Brazil is outperforming forecasts, helping to propel global supply higher by 1.7 mb/d to a record 101.8 mb/d in 2023. Non-OPEC+ will ... (full story)