The IEA reduced its 2025 global oil demand forecast due to decreased Chinese consumption.

The International Energy Agency (IEA) has reduced its 2025 global oil demand outlook due to the impact of a weakened Chinese economy on consumption. The Paris-based energy watchdog has kept its 2024 global oil demand growth forecast unchanged, but lowered its 2025 estimate as China's oil consumption decreases. The IEA expects world oil demand to rise by 950,000 barrels per day in 2025, a decrease of 30,000 barrels per day from the previous forecast. Weaker growth in China significantly drags on global gains, as demand in the second quarter of 2022 was the slowest since the pandemic year of 2020.

August 12, 2024
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