IEA sees oil demand growth slowing as China consumption eases

July 11, 2024 9:20 am

As for this year itself, the agency is keeping their demand growth forecast largely steady at 970k bpd. IEA notes that the post-pandemic rebound in Chinese consumption has now run its course. And while China has accounted for roughly 70% of global demand gains last year, it is only holding a share of around 40% for this year and next.

Besides that, IEA notes that subpar economic growth, greater efficiencies and vehicle electrification to continue to weigh on demand in 2024 and 2025.

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