In 2023, the banking crisis in the US and Europe has caused huge shocks in the financial markets, and the high inflationary pressure has prompted the central banks of the US and Europe to significantly tighten their monetary policies, and the successive interest rate hikes have had a certain impact on the economic growth and oil demand. However, based on the low base in 2022, global oil demand still showed robust growth, led by the significant growth in demand from China and India. After the pandemic, road traffic and air travel recovered rapidly, supporting a significant rebound in gasoline and jet fuel demand. Looking ahead, the global economy still faces structural and cyclical challenges in 2024. After a series of events such as supply chain disruptions in the wake of the pandemic, the global energy and food crises triggered by the Russia-Ukraine conflict, and a sharp rise in inflation, the global economy has shown strong resilience, but the outlook for growth is still facing certain challenges. Global oil demand may continue to grow moderately in 2024, at a slower rate than in 2023 but still above the average growth rate of the last 10 years. Among them, the Eastern Hemisphere remains the center of demand growth, with incremental oil demand from China and India contributing 70% of global demand growth, and the Middle East and Africa also showing a steady growth trend.