IEA sees oil demand growth slowing as China's share ebbs

Reuters

Global demand in the second quarter rose by 710,000 bpd year on year in its lowest quarterly increase in over a year, the IEA wrote in its monthly oil report

Noah Browning, Reuters News

PHOTO

LONDON - Global oil demand growth will slow to just under a million barrels per day (bpd) this year and next, the International Energy Agency (IEA) said, as Chinese consumption contracted in the second quarter amid economic woes.

Global demand in the second quarter rose by 710,000 bpd year on year in its lowest quarterly increase in over a year, the IEA wrote in its monthly oil report.

"China’s pre-eminence (is) fading. Last year the country accounted for 70% of global demand gains – this will decline to around 40% in 2024 and 2025," the IEA said.

(Reporting by Noah Browning; editing by Jason Neely)

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.