# Oil Market Report - November 2023 - IEA

> The IEA's November 2023 Oil Market Report projects world oil demand reaching 102 mb/d in 2023, with China driving most of the increase. It forecasts demand growth slowing to 930 kb/d in 2024 as OECD economies weaken. Supply hit a record 101.8 mb/d in 2023, led by US and Brazil output.

- Date: 2023-11-14 · published 2023-11-14T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/33372-oil-market-report-november-2023-iea
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Slowing demand growth and record supply point to a looser crude market, which keeps energy costs for feed and transport contained. The outlook offers no clear directional shock for feed commodities.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-10-12 | [Oil Market Report - October 2023 - IEA](https://feedsoft.ai/events/9278-oil-market-report-october-2023-iea.md) | +5.6% | -9.5% |
| WTI | 2018-12-12 | [Oil Market Report - December 2018 - IEA](https://feedsoft.ai/events/8519-oil-market-report-december-2018-iea.md) | -10.6% | +1.6% |
| WTI | 2022-03-31 | [Statement about Oil Market Report data - IEA](https://feedsoft.ai/events/42181-statement-about-oil-market-report-data-iea.md) | -10.6% | -2.2% |
| WTI | 2022-04-22 | [Financial Markets Report - First Quarter 2022 \| Banco de la República](https://feedsoft.ai/events/42120-financial-markets-report-first-quarter-2022-banco-de-la-republica.md) | +1.5% | +8.0% |
| WTI | 2024-12-12 | [Oil settles flat; markets weigh IEA surplus forecast, rate cut optimism \| Reuters](https://feedsoft.ai/events/27118-oil-settles-flat-markets-weigh-iea-surplus-forecast-rate-cut-optimism-reuters.md) | +0.4% | +9.3% |
| BRENT | 2023-10-12 | [Oil Market Report - October 2023 - IEA](https://feedsoft.ai/events/9278-oil-market-report-october-2023-iea.md) | +5.8% | -7.2% |
| BRENT | 2018-12-12 | [Oil Market Report - December 2018 - IEA](https://feedsoft.ai/events/8519-oil-market-report-december-2018-iea.md) | -7.0% | +1.8% |
| BRENT | 2022-03-31 | [Statement about Oil Market Report data - IEA](https://feedsoft.ai/events/42181-statement-about-oil-market-report-data-iea.md) | -11.9% | -6.8% |

## Sources

- iea.org: https://www.iea.org/reports/oil-market-report-november-2023

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