Global Oil Demand Growth Slows As China Slumps: IEA
- Global oil demand growth slowed to its lowest level since 2020 in early 2024 due to China's economic slump, leading the International Energy Agency to revise its annual forecast downwards.
- The Organization of the Petroleum Exporting Countries reported a decrease in expected global oil demand growth to 2.03 million barrels per day in 2024, down from 2.11 million barrels.
- The IEA noted that "the chief driver of this downturn is a rapidly slowing China," where oil consumption has declined for four consecutive months.
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L 25%
C 25%
R 50%
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