September 12, 2024 3:13 PM

IEA cuts 2024 oil demand growth forecast on China slowdown

The International Energy Agency (IEA) has cut its 2024 oil demand growth forecast by 70,000 barrels per day (bpd), or about 7.2%, to 900,000 bpd, it said in its monthly oil market report on Thursday, The Paris-based agency cited a slowdown in Chinese demand as the main driver of weaker global demand growth. It now expects Chinese demand to grow by only 180,000 bpd in 2024 as a broader macroeconomic slowdown coincides with a higher uptake of electric vehicles. "With the steam seemingly running ...