IEA Slashes Oil Demand Growth Forecast
The IEA has lowered its global oil demand growth forecast for 2024 to 900,000 bpd, down from the previous estimate of 2.1 million bpd, primarily due to a significant slowdown in Chinese oil consumption.
China’s oil demand is expected to grow by only 180,000 bpd this year, impacted by a broad economic slowdown and a shift towards alternative fuels.
The IEA…
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