The International Energy Agency (IEA) anticipates a deceleration in global oil demand growth to nearly one million barrels per day (bpd) for both the current year and the following year. This projection follows a contraction in Chinese consumption during the second quarter amidst economic challenges.
In its monthly oil report, the IEA highlighted that global demand experienced a year-on-year increment of 710,000 bpd in the second quarter, marking the smallest quarterly rise in over a year.
The IEA emphasized that China’s dominance in driving global demand is diminishing, noting that the country contributed to 70% of global demand growth in the previous year, a figure expected to decline to approximately 40% in 2024 and 2025.
