Global demand for oil decreased during the month of January 2024, led by Japan, Indonesia, and the United States of America, in addition to a decline in global production. Global demand for oil fell by 1.7 million barrels per day during the month of January 2024 compared to the level of December 2023.

Global demand for oil increased during the month of January 2024 by about 868 thousand barrels per day compared to the levels of the same month in 2023. The decline in global demand for oil during the month of January 2024 came with a decline in consumption by Indonesia, the United States, and Japan by about 0.6, 0.4, and 0.3 million barrels. Every day in a row.

Demand for oil in Japan reached the lowest level for this month of the year in at least 5 years, at 3.55 million barrels per day. Japan's oil imports decreased by about 270 thousand during the month of January 2024, and the new data update did not include China's oil data during the month of January 2024, due to the New Year's holidays, but data from the ship tracking company indicated a slight decline in China's crude imports at 11.31. One million barrels, compared to 11.4 million during December 2023.

Although India's consumption rose to the highest level in 10 months at 5.328 million barrels per day, an increase of 8 thousand barrels per day, global demand for oil decreased during the month of January 2024, and India's imports of crude oil increased by about 367 thousand barrels per day to reach 5.084 million barrels per day. Rising due to growth in domestic demand, India's rise in production is its second highest level on record.

OPEC estimates indicate growth in demand for oil during 2024 at about 2.25 million barrels per day, compared to 2.46 million barrels in 2024, but they are considered higher than the estimates of the International Energy Agency and the Energy Information Administration, which amount to about 1.3 and 1.4 million barrels per day, respectively.

The month of January witnessed a decline in global crude oil production by about 596 thousand barrels per day on a monthly basis, and a decline of about 1.3 million barrels per day compared to the same month in 2023. The decline was led by the United States of America due to cold weather conditions, and Saudi Arabia and Iraq led the decline on an annual basis with… Voluntary production cuts within the OPEC+ alliance.

Saudi oil production witnessed a state of increase, reaching about 12 thousand barrels per day during the first month of 2024, reaching about 8.96 million barrels, but it decreased by about 1.5 million barrels per day on an annual basis.

Saudi Arabia has been concluding voluntary reduction plans since July 2024, and they will continue until the end of July 2024, especially after extending it in March 2024, as part of total reductions by 8 countries in the OPEC+ alliance, to reach 2.2 million barrels per day. America’s crude oil production decreased by about 321 thousand barrels per day on the basis of… Monthly during January 2024, reaching 12.99 million barrels per day.