# Oil Market Report - January 2024

> The IEA's January report says global oil demand growth slowed to 1.7 mb/d in late 2023 and is projected to ease to 1.2 mb/d in 2024. Supply is forecast to reach a record 103.5 mb/d, led by the US, Brazil, Guyana and Canada.

- Date: 2024-02-01 · published 2024-02-01T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/32279-oil-market-report-january-2024
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Slowing demand growth combined with record non-OPEC supply points to a looser crude market. That is bearish for energy prices and reduces cost support for biofuel-linked vegetable oils.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-01-21 | [Oil Market Report - January 2026 - IEA](https://feedsoft.ai/events/21236-oil-market-report-january-2026-iea.md) | +4.0% | +3.5% |
| BRENT | 2025-07-01 | [Oil Market Report - June 2025](https://feedsoft.ai/events/24391-oil-market-report-june-2025.md) | +4.2% | +3.8% |
| BRENT | 2025-06-17 | [Oil Market Report - June 2025 - IEA](https://feedsoft.ai/events/9612-oil-market-report-june-2025-iea.md) | -1.7% | -5.5% |
| BRENT | 2024-11-14 | [Oil Market Report - November 2024 - IEA](https://feedsoft.ai/events/27587-oil-market-report-november-2024-iea.md) | +1.4% | +1.9% |
| BRENT | 2024-09-12 | [Oil Market Report - September 2024 - IEA](https://feedsoft.ai/events/10167-oil-market-report-september-2024-iea.md) | +5.1% | +9.0% |
| WTI | 2026-01-21 | [Oil Market Report - January 2026 - IEA](https://feedsoft.ai/events/21236-oil-market-report-january-2026-iea.md) | +3.1% | +8.2% |
| WTI | 2025-07-01 | [Oil Market Report - June 2025](https://feedsoft.ai/events/24391-oil-market-report-june-2025.md) | +4.3% | +2.3% |
| WTI | 2025-06-17 | [Oil Market Report - June 2025 - IEA](https://feedsoft.ai/events/9612-oil-market-report-june-2025-iea.md) | -9.9% | -6.8% |

## Sources

- iea.org: https://www.iea.org/reports/oil-market-report-january-2024

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.