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OIL: IEA Revises Global Demand Growth Lower for 2024

OIL
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Rapidly slowing Chinese consumption is driving down global oil demand growth according to the IEA in its latest monthly report. "The chief driver of this downturn is a rapidly slowing China," the IEA said.

  • The IEA forecasts this year's global demand to grow by 903,000 bpd from 970,000 bpd in its prior report – the second downward revision in 2 months.
  • Global demand growth continued to slow - with gains of 800,000 bpd on year  - the lowest since 2020.
  • Growth estimates for next year were left largely unchanged at 954,000 bpd.
  • OPEC sees demand growth at much higher levels of 2.03 mn bpd this year and 1.74 mn bpd in 2025.
  • In the full year, China's oil demand is expected to expand by only 180,000 barrels a day according to the IEA. 
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Rapidly slowing Chinese consumption is driving down global oil demand growth according to the IEA in its latest monthly report. "The chief driver of this downturn is a rapidly slowing China," the IEA said.

  • The IEA forecasts this year's global demand to grow by 903,000 bpd from 970,000 bpd in its prior report – the second downward revision in 2 months.
  • Global demand growth continued to slow - with gains of 800,000 bpd on year  - the lowest since 2020.
  • Growth estimates for next year were left largely unchanged at 954,000 bpd.
  • OPEC sees demand growth at much higher levels of 2.03 mn bpd this year and 1.74 mn bpd in 2025.
  • In the full year, China's oil demand is expected to expand by only 180,000 barrels a day according to the IEA.